Business Briefs: Great Lakes Caring Switches Private Equity Owner
Great Lakes Caring Announces New Equity Partner
Home care agency Great Lakes Caring Home Health and Hospice (Great Lakes Caring) has chosen a new equity partner, Blue Wolf Capital Partners LLC (Blue Wolf). Blue Wolf will be replacing the agency’s partner since 2014, Wellspring Capital Management LLC.
Based in Jackson, Michigan, Great Lakes will continue to be led by CEO William Deary and the rest of his management team. They have maintained a “significant equity stake” in the company, according to a press release.
“The home health and hospice industry is poised for consolidation, and Great Lakes Caring will actively participate in this consolidation as we evaluate acquisition opportunities and execute on our internal initiatives,” Deary said in the press release. “Blue Wolf believes we are an effective platform for both organic and acquisition growth, and has a long track record of supporting service-oriented companies by providing the strategic and financial resources they need to build their businesses.”
Great Lakes is positioning itself to take on new acquisitions in 2017, but is being relatively selective in what it pursues.
“We have a number of key potential acquisition targets in our pipeline right now,” Deary told Home Health Care News. “We are continuing to look at companies that have great compliance, quality and employees, because if you have those three things, financials will fall right into place.”
Blue Wolf is a private equity firm based in New York City that invests in companies in a number of industries including health care, aerospace and defense, forest and building products, and niche manufacturing and distribution.
“Great Lakes Caring provides a unique opportunity to invest in a platform with documented, industry-leading quality scores as well as a strong and established brand,” Adam Blumenthal, managing partner of Blue Wolf, said in the press release. “William Deary and Great Lakes Caring’s world-class management team have a proven track record, and we are excited to collaborate with them to further enhance the value of the business.”
Financial terms of the transaction were not disclosed. However, this is the second significant home care investment for Blue Wolf Capital, which earlier this year bought National Home Health Care Corporation for $103 million.
Home Care Company Acquires Being There Senior Care
The acquisition of Being There Senior Care, LLC (BTSC) is complete by Personal Home Care, LLC, (PHC) a home care agency headquartered in Owings Mills, Maryland.
“I’m excited to join the PHC team,” Linda Cromwell, owner of BTSC, said in a press release. “PHC brings additional services and resources to BTSC’s clients, but they share our commitment to providing compassionate care to Maryland’s seniors that we have been serving for 15 years.”
Being There Senior Care, located in Catonsville, Maryland, has focused only on services for private-pay clients throughout its 15 year history.
“This is a perfect combination for PHC. We have been planning our entry into the private pay market for some time,” Matt Auman, CEO of HomeCentris Healthcare (Personal Home Care’s parent company). “Joining forces with Linda Cromwell and her team at BTSC brings us the knowledge base we needed to begin offering this new service line.”
Loyola Medicine Home Care and Hospice Moves Office
A home care company that provides care and support for patients after surgery or extended illness as well as hospice services, Loyola Medicine Home Care and Hospice is moving its office to a new location in the Western suburbs of Chicago to Oak Brook, Illinois.
The move was done to help the agency’s goal of moving away from hospital-centric systems and meet patients in their homes.
“We’re really looking forward to working with Oak Brook and the surrounding communities to meet the needs of the families out there,” Paul Crockett, executive director of Loyola Home Care and Hospice, said in a prepared statement.
The new location in Oak Brook will mainly be office space, but will also serve as a sign up location for those interested in services as well as those who are in need of bereavement services. The new location is seeking hospice volunteers, as some were not able to follow the agency to its new location.
Written by Alana Stramowski