Help at Home, a leading U.S. provider of home care and community-based services in 13 states, today announced that it has been acquired by a consortium that includes Centerbridge Partners (“Centerbridge”) and The Vistria Group (“Vistria”). The acquisition of Help at Home from Wellspring Capital, which will remain a minority investor in the company, closed yesterday. Terms of the transaction were not disclosed.
“For more than four decades, Help at Home has enabled seniors and people with disabilities to continue to lead independent lives in the familiar settings of their homes and communities. Now, with the COVID-19 pandemic, the in-home care we provide is more critical than ever because it allows these often vulnerable populations to receive care and support in the safety of their own homes,” said Help at Home Chief Executive Officer Paul Mastrapa. “We thank Wellspring for its stewardship over the past five years and look forward to partnering with the Centerbridge and Vistria teams to continue to build on our strong platform and further expand our services in the next phase of our company’s growth.”
Jeremy Gelber, Senior Managing Director at Centerbridge, said, “We are excited to have completed the acquisition of Help at Home, a trusted provider of care solutions that empowers individuals to live life on their own terms with support from highly trained, compassionate and dependable caregivers. As we move forward, we will partner with Paul and the talented Help at Home team to expand access to the company’s services as the company continues to deploy its resources and expertise to deliver unsurpassed care.”
David Schuppan, Senior Partner at Vistria, added, “We have been tremendous supporters of superior home and community-based care opportunities and delivery, and we are looking forward to working with Help at Home to further that commitment.”
Naishadh Lalwani at Wellspring Capital, said, “We are delighted with this transaction that will enable Help at Home to expand its platform and provide vital care to even more populations who need it most. We look forward to remaining investors in the business and supporting the company’s continued success.”
Financing for this transaction was provided by Jefferies LLC, Barclays, UBS Investment Bank, and BMO Capital Markets Corp. Barclays, Edgemont Partners, and Lincoln International served as financial advisors, and Ropes & Gray LLP and Kirkland & Ellis LLP served as legal advisors to Centerbridge Partners and The Vistria Group. Jefferies LLC served as financial advisor, and McDermott Will & Emery LLP served as legal advisor to Wellspring Capital.
About Help At Home, LLC
Founded in 1975, Help at Home is a leading U.S. home care provider delivering in-home care to seniors and persons with disabilities. Headquartered in Chicago, Illinois, the company provides home and community-based services in 13 states: Alabama, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Mississippi, Missouri, Pennsylvania, South Carolina, and Tennessee. Help at Home has a long history of providing quality care to more than 60,000 clients in 150+ locations by its team of dedicated caregivers and administrative employees. For more information, please visit www.helpathome.com.
About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors and business partners. The Firm was founded in 2005 and as of August 31, 2020 has approximately $26 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.
About The Vistria Group
The Vistria Group, LP (“Vistria”) is a Chicago-based private investment firm focused on investing in middle market companies in the healthcare, education, and financial services sectors. Vistria’s team is comprised of highly experienced operating partners and private equity executives with proven track records of working with management teams in building innovative, market-leading companies. For more information, please visit www.vistria.com.
About Wellspring Capital
Wellspring Capital Management is a leading private equity firm headquartered in New York. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through six private equity funds. Over the past 25 years, Wellspring has invested in over 35 platform investments across various segments of the U.S. and global economies. Wellspring’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic partner, providing management teams with top-line support, M&A experience, financial expertise and access to resources. For additional information, please visit www.wellspringcapital.com.
SOURCE Help At Home, LLC