Silver Oak Services Partners has agreed to acquire New York City-based Caring People, a home healthcare agency that works with seniors. No financial terms were disclosed.
EVANSTON, Ill., Nov. 14, 2017 /PRNewswire/ — Silver Oak Services Partners, LLC (“Silver Oak”), a lower middle market private equity firm focused exclusively on service businesses, is pleased to announce that it has entered into an agreement to acquire the assets of Caring People (the “Company”), in partnership with management, pending regulatory approvals.
Founded in 1998 and headquartered in New York City, Caring People is a leading 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 the Northeast and Florida.
“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. Following approval of state licensing agencies and completion of the transactions, 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. Greg Barr, Managing Partner at Silver Oak, said, “We are excited to partner with Steven and his team at Caring People. They have developed a strong reputation as a premiere 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.”
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. The acquisitions expanded the Company’s footprint in the New Jersey market and established its presence in the attractive Connecticut market. Caring People continues to actively look for complementary add-on acquisitions of home healthcare agencies.
Please contact Greg Barr or Andrew Gustafson of Silver Oak for additional information. www.silveroaksp.com
Silver Oak invests in business, consumer and healthcare services companies in the lower middle market, typically with EBITDA of $3 million to $20 million.
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