NEW YORK--(BUSINESS WIRE)--Funds advised by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm, today announced the acquisition of a majority stake in Care Advantage, a leading at-home care provider in the United States. Terms of the transaction were not disclosed.
Founded in 1988, Care Advantage offers in-home care services to patients across Virginia, Maryland, Washington D.C. and Delaware. The company’s personal care aides, certified nursing assistants, skilled nurses and therapists provide individuals and their families with the care they need from the comfort of their homes.
Searchlight has acquired the business from BelHealth Investment Partners, a healthcare-focused investment firm. Searchlight is excited to support the company’s growth in its existing markets and accelerate expansion into new states across the U.S.
“For more than three decades, Care Advantage has enabled seniors to maintain independence in the comfort and safety of their own home,” said Timothy Hanold, Chief Executive Officer of Care Advantage. “We have become a trusted provider of care in the home, empowering individuals to live life to the fullest through the support of our compassionate and committed caregivers and clinicians. We look forward to partnering with Searchlight to build upon our strong legacy of care and to further ignite our mission of serving the community.”
Phil Bacal, Managing Director at Searchlight, commented: “We are excited to partner with Tim and the leadership team to grow the business and support its acquisitive growth strategy. We are confident that Care Advantage is well positioned to benefit from strong organic growth in the sector over the long term. The senior population increasingly needs lower-cost caregiving alternatives that allow them to age comfortably in their own homes.”
Eric Zinterhofer, a Founding Partner of Searchlight, added: “Care Advantage is essential to the health of its communities and the broader healthcare ecosystem. Its caregivers are special individuals who serve the senior population and enable the paradigm shift from ‘sick care’ to ‘health care’.”
Searchlight was advised by Latham & Watkins and Edgemont Partners. Care Advantage was advised by Moomjian Waite & Coleman, Norton Rose Fulbright, and Cantor Fitzgerald & Co.
The transaction is subject to receipt of customary regulatory approvals and is expected to close later this year.
About Searchlight Capital Partners, L.P.
Searchlight is a global private investment firm with over $8 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.
About Care Advantage
Care Advantage is one of the leading home healthcare providers in the Mid-Atlantic. The Company specializes in quality “one-on-one” nursing care in the home and is a one-stop solution for home healthcare services. The Company provides a mix of Medicaid and self-pay nursing and personal care services such as bathing, dressing, and companionship and also provides skilled services primarily by licensed nurses and therapists. The corporate headquarters are in Richmond, VA with over thirty branch locations throughout Virginia, Maryland, Washington D.C. and Delaware.