InTandem Capital Partners LLC, a health care services-focused private equity firm, has completed a strategic equity investment in HouseWorks.
Both organizations declined to reveal financial details, but did confirm that it was a majority investment.
“As a growing organization, partnering with InTandem Capital allows the company to expedite our growth goals, leveraging their deep expertise within the health care sector as well as additional capital resources for the company’s inorganic growth strategy.” HouseWorks CEO Michael Trigilio told Home Health Care News.
The Massachusetts-based HouseWorks is a personal care company that also offers home-modification services. Its “BetterCare at Home” approach combines personalized care and technology to deliver services.
Currently, the company has eight locations throughout Massachusetts, Southern New Hampshire, Southern Maine and the Greater Philadelphia area.
On its end, InTandem has invested into some familiar faces over the years, including Providence Care, Cano Health and Pediatric Health Services.
For InTandem, an investment in HouseWorks was an investment in their team, according to Brad Coppens, senior managing director at the firm.
“Mike and his team are exceptional,” Coppens told HHCN. “[Personal care] is a deeply fragmented and large sector, so finding an executive team that is capable of running a very large enterprise and growing from a single state to a multi-regional platform can be difficult. Mike and his team have those capabilities in spades.”
HouseWorks’ care delivery model also made the company an attractive investment opportunity, according to Coppens.
“It’s beyond delivering great patient care, it’s delivering that care efficiently, from a patient, payer and a caregiver standpoint, by implementing and delivering on a significant degree of technology enablement,” he said. “Our viewpoint is that care delivery and personal care services will be technology-enabled going forward. Mike and his team are miles ahead of the competition relative to achieving that objective.”
The new influx of funds will allow HouseWorks to continue to invest in technology, but it will also accelerate the company’s expansion efforts.
“There are tremendous opportunities to expand HouseWorks across the Northeast, both through de novo locations and our proprietary M&A pipeline,” Trigilio said. “All while continuing to invest in our workforce –both caregivers and our field staff — which has been a key growth driver over the last two years.”
Trigilio also noted that the company was looking to offer workforce development and training opportunities to employees.
Looking ahead, both organizations are excited about the future of HouseWorks and what it will be able to offer now that it has access to additional resources.
“HouseWorks has the potential to partner with great home care agencies across the region and deliver on a better way of doing business and better way of caring for patients,” Coppens said. “Our capital is backing Mike’s plan, but also providing him capital to expand in ways that might be difficult on a stand-alone basis for him and his team.”