Alpine Investors-Backed TEAM Services Group Acquires 24 Hour Home Care

TEAM Services Group – a portfolio company of the “anti-private equity firm” Alpine Investors – has acquired 24 Hour Home Care.

The exact details of TEAM’s investment in the Los Angeles-based home care company have not yet been disclosed, but it is a majority investment, according to 24 Hour Home Care President and co-founder Ryan Iwamoto. 24 Hour Home Care will continue operating by the same name under TEAM’s “Public Choices” division.

“Alpine has had a thesis for years that home care was an attractive market with powerful tailwinds,” Raj Das, a senior associate at Alpine, told Home Health Care News in an email. 


Alpine has made several in-home care investments since its formation, including TEAM’s purchase of AmeriBest Home Care in October 2019.

“Earlier this year, we started to explore the option of finding a partner that could help us make an impact on a greater scale,” David Allerby, the CEO and co-founder of 24 Hour Home Care, told HHCN in an email. “We went through an extensive process, meeting with many different groups in search for a partner that shares the same people-first philosophy as us. As the process unfolded, though, it became abundantly clear that TEAM was the partner for us.”

Los Angeles-based 24 Hour Home Care had been independent since its founding in 2008. Currently, it has 20 locations across California, Arizona and Texas.


Although it has traditionally operated mostly in private-pay home care, the company recently has been expanding its Medicaid business. Overall, it employs over 10,000 caregivers across its footprint.

Iwamoto told HHCN last month that the goal was eventually to be the largest home care provider in the U.S.

“I think if we apply the same operations to Medicaid, we can be very successful,” Iwamoto said in September. “If you look across the country, there’s no non-medical home care provider that does all three of those segments very well. Usually it’s more about sticking to [one segment or another]. We feel like we can be — with our track record — strong in all three of those areas.”

That vision has become accelerated with the TEAM and Alpine on the company’s side, Iwamoto believes.

“We feel like this partnership will help us accelerate our vision of being the largest non-medical home care company focusing on private pay, IDD services and Medicaid personal care,” he said. “We will lean in on TEAM’s acquisition expertise. 24 Hour Home Care has mainly grown organically, so it will be exciting to be able to leverage their experience and best practices on acquisitive growth.” 

Based in San Diego, TEAM is a staffing and home care services company that currently operates in 24 states. In January, the company announced that it had raised an additional $100 million in funding.

TEAM cared for about 1,500 clients in 2015 and has grown its census to over 20,000 since then.

The investment in 24 Hour Home Care represents TEAM’s 65th home care investment over the last six years, according to the company.

“24 Hour Home Care is a truly exceptional company, and we couldn’t be more thrilled to invite them into the broader TEAM organization,” Josh Greenberg, the CEO of TEAM Services Group, told HHCN. “The partnership is also aligned with our broader goal of doing all we can to support personal care across the country. A cost-efficient investment in home care can pay remarkable dividends for clients, their families and the various state programs that support them. We are focused across the country on making the provision of care as efficient, effective and as beneficial as possible.”

TEAM’s growth surge has come under the guidance of the San Francisco, California-based Alpine Investors, a PE firm that invests in companies operating in the media, software, health care and consulting services sectors in both the U.S. and Canada.

“Moreover, we think it’s a market that we are particularly well-suited to participate in given our people-first operating philosophy and our software and tech investing,” Das said. “We think through putting clients and caregivers first – and facilitating adoption of technology for our partner agencies – there’s an ability to create an amazing experience for all stakeholders.”

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