Silver Oak Services Partners has entered into an agreement to acquire the assets of Caring People, a home healthcare agency, in partnership with the company’s management.
Caring People is a Community Health Accreditation Program (CHAP) accredited home healthcare agency and one of the few agencies of scale serving the private-pay market. The company offers hourly companion care, live-in care, and skilled nursing services to seniors from its branch locations in New York – Babylon, Bronx and Queens; New Jersey – Clifton and Toms River; Florida – Delray Beach, Miami, Pompano Beach, and Jupiter; and in Norwalk, CT. Caring People was founded in 1998 and is headquartered in New York (www.caringpeopleinc.com).
In partnership with Silver Oak, Caring People recently completed the acquisitions of Victoria’s Compassionate Nursing Care Management, Stellar HomeCare, Brooke’s Homecare, and Caring Partners, all providers of private-duty home healthcare services. These acquisitions expanded the company’s footprint in the New Jersey market and established a presence in Connecticut.
“It was critical to find a partner who shared our vision for growth and quality care while supporting the Caring People mission and culture. In Silver Oak we found a like-minded partner who shares our enthusiasm for the industry and the commitment to support our continued efforts,” said Steven East, Founder and CEO of Caring People. Upon closing of the acquisition, Mr. East will retain a significant ownership stake in the business alongside Silver Oak and will continue in his current role, along with the rest of the existing management team.
Silver Oak believes home healthcare is an attractive sector for investment due to the aging population, increasing desire by seniors to age-in-place, and highly fragmented nature of the industry.
“We are excited to partner with Steven and his team at Caring People,” said Greg Barr, Managing Partner at Silver Oak. “They have developed a strong reputation as a premier provider of home healthcare services in their markets. We look forward to helping the team bring their high-quality, technology-enabled service offering to new markets through add-on acquisitions and de novo branches.”
Silver Oak Services Partners makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $4 million to $20 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services. Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com).
Silver Oak and Caring People are actively seeking complementary add-on acquisitions of home healthcare agencies.
© 2017 Private Equity Professional | November 16, 2017
