[CORRECTED] PE Firm Alpine Investors Adds Advantage In-Home Services to its Portfolio

Advantage In-Home Services, a provider of personal home care, has been acquired by Alpine Investors* and will partner with Alpine’s portfolio company TEAM Public Choices.

The deal should help TEAM expand geographically and service-wise, and will yield liquidity to Advantage’s founder, who is retiring. Financial terms were not disclosed.

Prior to this transaction, Advantage In-Home Services was part of St. Louis-based Advantage Nursing Services Inc., which provides a variety of services in Missouri and Illinois. Advantage’s overall staff includes more than 1,300 nurses, home health aides and personal care attendants who log more than 1.4 million care hours a year serving more than 1,250 clients.

TEAM is facilitator of caregiver support for people with disabilities and the elderly that operates in 20 states. It is a portfolio company of Alpine Investors, a San Francisco-based private equity firm that specializes in majority buy-outs of founder-owned businesses and corporate carve-outs. The firm has more than $1.3 billion of assets under management, including Optima Healthcare Solutions, a major software provider for post-acute health care companies.

Ziegler, a Chicago-based specialty investment bank, helped advise Advantage on the partnership.

“Advantage has built a well-earned reputation for best-in-class service within Missouri and Illinois,” Chris Hendrickson, Managing Director in Ziegler’s Corporate Finance Healthcare practice, said. “Its array of services, often provided by family caregivers, help clients achieve their personal goals through supportive care that promotes greater independence and choice. The partnership with TEAM, which has demonstrated success with the self-directed model across multiple states, provides a tremendous opportunity to further scale the business and Ziegler is thrilled to have represented Advantage in this transaction.”

Both John Bosen, President of Advantage, and Josh Greenberg, CEO of TEAM, lauded the partnership as an opportunity to improve more lives through quality care.

“This link in service and philosophy drives us and gives me great confidence in our ability to expand the collective impact we can have on the communities we serve,” Bosen said.

This is just the latest deal in a current wave of private equity investment in the home care sector — a trend that has raised some concerns but is bringing an influx of capital to the industry. PE firms are attracted to home care given demographic trends and find the private-pay and franchise models appealing, as they limit government reimbursement risk and align with other industries that have heavy PE backing, such as home cleaning and other consumer services.

*Editor’s Note: A previous version of this story stated that Advantage Nursing Services had been acquired by Alpine Investors. The article has been corrected to reflect that only the In-Home and Consumer Directed Services entities of Advantage were involved in this transaction. HHCN regrets the error.

Written by Bailey Bryant

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Bailey Bryant
When she’s not reporting, Bailey likes exploring Chicago for brunch spots and work out classes. Previously, she worked in book and magazine publishing before becoming a tv reporter.

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