A private equity firm announced a “significant growth investment” on Friday in Aware Recovery Care, a Wallingford-based provider of in-home addiction treatment.
Health Enterprise Partners (HEP), a New York-based company whose investors include some of the nation’s largest health systems and health insurance plans, made the investment.
The undisclosed amount will fund the expansion of Aware’s in-home addiction treatment program across multiple states and payors, according to the private equity firm, Health Enterprise Partners.
Aware’s main program, In-Home Addiction Treatment (IHAT), is a 52-week, home-based biopsychosocial curriculum that has been deemed highly effective by clients including Anthem Blue Cross Blue Shield of Connecticut. Anthem found that 60% to 70% of its members who followed Aware’s program achieved year-long abstinence from drugs and alcohol compared to less than 10% of those who attended residential treatment programs.
“With this investment, we plan to scale the IHAT platform rapidly to make this life saving treatment available to the many people suffering from the disease of addiction,” said Aware founder and CEO Steve Randazzo.
The COVID-19 pandemic has increased demand for Aware’s home-based program, according to a company statement.
The HEP investment will allow Aware to expand its program beyond its current service areas in Connecticut, New Hampshire, Maine, Florida and Massachusetts.
“We have been impressed by the strong clinical outcomes driven by the company’s evidence-based IHAT model, as well as overwhelmingly positive feedback from Aware’s payor clients and patients,” said Pete Tedesco, managing partner at HEP. “We are excited to support the Aware team as it executes on the next phase of growth.”
