Michigan Home Health Provider Partners with Private Capital Firm

New York-based Wellspring Capital Management LLC is seeing a valuable investment opportunity in Great Lakes Caring Home Health & Hospice, a Jackson, Michigan-based post-acute care services provider.  

Great Lakes Caring announced Tuesday that Wellspring will be the company’s new equity partner, replacing Pouschine Cook Capital Management, which has been a partner to the home care provider since 2007.

Though the financial terms of the transaction were not disclosed, Great Lakes Caring’s market position and care network were attractive to Wellspring from an investor standpoint. 


To date, Great Lakes Caring employs more than 1,200 health care professionals in 20 offices and provides home health, hospice and palliative care, as well as home medical equipment and private duty services, to more than 7,000 patients daily across Michigan, Indiana and Ohio.

“Great Lakes Caring is well positioned in an attractive market where we expect demographic trends to result in continued growth,” stated Alexander Carles, a managing partner of Wellspring. 

This growth, added Carles, will continue to be driven by Great Lakes Caring’s longstanding relationships with physicians, facilities and health systems, as well as its scalable infrastructure. 


“We believe that these and other core strengths will serve Great Lakes Caring very well as we pursue a range of value-building initiatives, including strategic acquisitions,” Carles stated.

Founded in 1995, Wellspring is a middle-market private equity firm that manages more than $3 billion of private equity capital. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise.

Great Lakes CEO William Deary and his management team will continue to lead the company.

“As we reach this next stage in the development of Great Lakes Caring, we are very fortunate to welcome new partners who appreciate our success, recognize our potential and are eager to help us reach out goals,” Deary stated. “The future is very bright for our company and we look forward to continuing to provide stye highest level of care for our patients and the communities we serve.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as transaction counsel and Benesch, Friedlander, Coplan & Aronoff LLP served as regulatory counsel. 

Alvarez & Marsal Transaction Advisory Group provided finance, accounting and tax advice.

Written by Jason Oliva

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