Omaha, Nebraska-based provider of home health care services Right at Home has been acquired by a privately owned investment company, using some part of the equity from Right at Home, under which it expects to see continued growth in the coming months. Right at Home is already one of the nation’s largest home care providers with 517 locations in eight countries, and added 7,000 caregivers to its franchise network in the first quarter of 2016.
The Raleigh, North Carolina-based private equity company Investors Management Corporation (IMC) is behind the recent acquisition of Right at Home’s parent company, RiseMark Brands. Right at Home joins some other familiar names in IMC’s portfolio, namely restaurant chain Golden Corral and athletic apparel retailer Fleet Feet Sports.
Part of the acquisition includes upcoming initiatives with Harvard University and a new blended home care method stemming from a partnership with a technology company, Brian Petranick, president and CEO of Right at Home, explained to Home Health Care News. Petranick did not disclose further details of these projects, but Right at Home already has made moves on the tech innovation front. Right at Home and global technology company Philips (Nasdaq: PHG) recently have begun a push to bring Philips’ CareSensus remote monitoring system to 25 Right at Home locations.
The acquisition by IMC was the result of original investors from Right at Home retiring and looking to divest their shares Petranick shared.
“We’ve been a very closely held organization for 18 years and we just had some of our original investors ask for a way to liquidate their investments in the organization,” Petranick said. “Not for any other reason than they are approaching retirement. So that’s what prompted us to go into the marketplace.”
IMC will carry forward with the majority of ownership of RiseMark Brands, but founder and Executive Chairman Allen Hager will continue to lead the company along with Petranick.
The decision to partner with IMC was a long process, but ultimately, the culture of both companies was a great fit, explained Petranick.
“They [IMC] are a significant organization and have a lot of resources,” he says. “It gives us the opportunity to do a lot more. It will be much easier to access capital and to build a platform company with important strategic initiatives.”
IMC will be a lifetime owner of RiseMark and has a long-term vision for the company.
“We are excited to welcome RiseMark into the IMC family of companies,” Quinton Maynard, chairman and CEO of IMC, said in a press release. “We feel that RiseMark’s mission to improve the quality of life for those they serve is meaningful and worthwhile and one that we can proudly support for years to come.”
IMC and RiseMark did not disclose the financial terms of the transaction.
Written by Alana Stramowski