KENT, Wash.--(BUSINESS WIRE)--Performance Home Medical (“PHM” or the “Company”), a home medical equipment and respiratory services provider, today announced that Larry Mastrovich, who has served as PHM Chairman since January 2024, has been named Chief Executive Officer. Mr. Mastrovich’s appointment follows healthcare-focused private equity firm Grant Avenue Capital’s investment in PHM and reflects PHM’s continued focus on expanding its geographic footprint, bolstering its team with top talent, and accelerating the business’ growth.
A seasoned healthcare industry executive, Mr. Mastrovich brings three decades of leadership, operations, sales and marketing, and strategic transaction experience to PHM. For more than 25 years, Mr. Mastrovich worked at Apria Healthcare, the largest home care provider of respiratory products, oxygen therapy, ventilation, CPAP machines and home infusion therapy in the U.S., most recently as President and COO. Prior to joining PHM, he served as President and CEO of Breathe Technologies, a medical device manufacturer for respiratory products specializing in ventilation and sleep apnea solutions.
“The home medical equipment market plays a crucial role in shifting the site of care to the home, when clinically appropriate and beneficial to the patient,” said Brian Berkin, Partner at Grant Avenue Capital. “Although over 30 million Americans have sleep apnea, only a portion are diagnosed and receiving care. We are confident that under Larry’s leadership, PHM will be well-positioned to grow its access to patients who are out of reach from home-based solutions today.”
“I am excited to step into the CEO role at this pivotal point in PHM’s evolution,” added Mr. Mastrovich. “PHM has served its core sleep apnea patient base meaningfully for over two decades, and I look forward to building upon this foundation to continue improving outcomes while supporting patients to address chronic care disease management. With the support of the talented PHM team and Grant Avenue, we will continue to expand the business across new geographies, products, and services.”
Eric Kim, Principal at Grant Avenue Capital, concluded, “We are pleased to partner with Larry, who brings a wealth of experience in scaling differentiated healthcare businesses. We look forward to working closely with him and the entire PHM team as we continue to support the Company’s organic growth efforts, add-on acquisitions, and investments in technology.”
About Performance Home Medical
Founded in 2001, Performance Home Medical (PHM) provides critical home care services to patients in need of obstructive sleep apnea, oxygen, ventilator, and continuous glucose monitoring device and supply needs. Serving over 70,000 patients primarily in the Pacific Northwest, PHM provides reliable access to in-home equipment and supplies throughout its 20+ locations across Washington, Oregon, and Idaho. For more information, please visit https://www.performancehomemed.com/.
About Grant Avenue Capital, LLC
Grant Avenue is a healthcare-focused, middle-market private equity firm targeting investments alongside forward-thinking management teams that seek an experienced and innovative investor with highly flexible capital, both in terms of duration and structure. The firm typically invests in companies generating approximately $5 million to $25 million of EBITDA, with the ability to complete larger transactions through strategic co-invest relationships. The firm focuses on control buyouts, buy-and-builds, corporate carve-outs, joint-control partnership investments, and special situations. In addition, the Grant Avenue Foundation supports employees and portfolio companies of Grant Avenue that are actively engaged with healthcare-oriented charitable organizations. For more information, please visit www.grantave.com.
