Revelstoke Capital Partners has made an investment in The Care Team, a Michigan-based home health and hospice agency.
The Care Team (TCT) provides nursing services, therapy services and hospice care across central and eastern Michigan and is one of the largest home health and hospice agencies in the Great Lakes region. Employees of TCT include physical therapists, skilled nurses, medical social workers, home health aides, and occupational and speech therapists. TCT is led by CEO Jason Laing and is headquartered in Flint with three additional offices in the Michigan cities of Saginaw, Farmington Hills and Riverview.
“This investment is the result of a multi-year outbound search in the home health and hospice industry for providers that can offer excellent outcomes for patients in the lowest cost-of-care setting. Our partnership with TCT, a leading home health and hospice agency that is well-positioned for growth and consolidation, achieves this objective,” said Russell Cassella, a managing partner at Revelstoke.
Mr. Laing will continue as CEO of TCT in partnership with Revelstoke and remains a significant shareholder in the company. “Over the last four years, The Care Team has grown into a leading regional provider of home health and hospice care, serving patients across Michigan,” said Mr. Laing. “Partnering with Revelstoke will provide us with the expertise, capital and guidance needed to expand our presence in Michigan and enable our entry in new markets.”
“TCT’s management team has developed the infrastructure and capabilities needed to provide patients and families with exceptional and cost-efficient care. With consolidation in the industry expected to accelerate, we are seeking other leading agencies to partner with so we can further expand the company’s reach and capabilities,” added Jonathan Miller, a vice president at Revelstoke.
Denver-based Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA. Sectors of interest include healthcare and related business services sectors. Since the firm’s inception in mid-2013, it has completed 64 acquisitions, which includes 16 platform companies and 48 add-on acquisitions.
Greenwich Capital Group an investment bank with offices in Detroit and Cleveland, was the financial advisor to The Care Team on this transaction.
© 2019 Private Equity Professional | October 16, 2019
