General Atlantic has closed its acquisition of Team Services Holding Inc from Alpine Investors for approximately $3bn, including debt, according to a report by Bloomberg citing unnamed sources familiar with the transaction.
The agreement, reached earlier this year, values Team Services at roughly 10x EBITDA. While the deal was finalised last week, no public announcement was made at the time. Representatives for General Atlantic, Alpine Investors, and Team Services declined to comment.
The acquisition underscores continued investor appetite for traditional health-care services, even as technology-focused health-care businesses face valuation pressures amid concerns about disruption from artificial intelligence.
Team Services provides in-home care solutions for seniors and individuals with long-term disabilities, managing key administrative and back-office functions while enabling clients to select caregivers they know or trust.
The transaction follows a series of recent private equity moves in the home- and senior-care sector, including Kinderhook Industries’ take-private of Enhabit and the acquisition of Select Medical Holdings Corp by a consortium featuring co-founder Robert Ortenzio, executive Martin Jackson, and Welsh, Carson, Anderson & Stowe.
