A private equity investment could help 24 Hour Home Care fast track its efforts to expand nationally.
Team Services Group, a portfolio company of Alpine Investors, announced late last week an investment of an undisclosed amount in Los Angeles-based 24 Hour Home Care. The deal will provide 24 Hour Home Care with additional resources and allow it to continue operating under its own name. The home care firm will be part of Team Public Choices, a division of Team that serves clients through Medicaid and other state-sponsored disability programs.
“From the start, we knew that TEAM was a great cultural fit and we couldn’t be more excited to be part of a group of like-minded people that are hyper-focused on providing high-quality and comprehensive services to all its stakeholders,” Ryan Iwamoto, 24 Hour Home Care president and co-pounder, said in a statement. “We are so excited to grow and learn with the TEAM community as we continue to positively impact the populations we serve by placing care at the center of everything we do.”
24 Hour Home Care company focuses on three core segments: private pay, disability services and Medicaid personal care. Iwamoto told McKnight’s Home Care Daily Pulse in a recent Newsmakers Podcast he wanted to stay laser focused on home care and make 24 Hour Home Care the largest non-medical home care provider in the nation.
“When you look across the country, there really isn’t a company that does all three of those segments well and at scale,” Iwamoto explained.
In recent years, 13-year-old 24 Hour Home Care expanded services beyond Southern California to Arizona and Texas. Last month, it announced the acquisition of GrandCare, the non-medical home care division of GrandCare Health Services. The company operates in nearly 20 locations with 3,000 employees.
