Searchlight Capital Partners to acquire majority stake in Care Advantage
Funds advised by private investment firm Searchlight Capital Partners (Searchlight) have a acquired a majority stake in Care Advantage, an at-home care provider in the United States. Terms of the transaction have not been disclosed.
Founded in 1988, Care Advantage offers in-home care services to patients across Virginia, Maryland, Washington DC 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 US.
"For more than three decades, Care Advantage has enabled seniors to maintain independence in the comfort and safety of their own home,” says 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, says: “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, adds: “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.