A private equity firm has purchased one of the 10 largest home healthcare firms in the United States.
Wellspring Capital Management, a private equity firm headquartered in New York, said on Monday that it has completed the acquisition of Caring Brands International Inc. (CBI), an international franchisor of home health services, for an undisclosed amount. CBI has three global brands: Interim HealthCare Inc., which is based in Sunrise, FL; Bluebird Care, which is located in the United Kingdom and Republic of Ireland; and Just Better Care, which is based in Australia. Together, the CBI brands represent 550 locations operated by more than 250 franchise owners and operators that produce over $1.3 billion of system wide sales annually, according to a press release from Interim HealthCare.
Earlier this year, LexisNexis named Interim HealthCare the ninth largest home health provider.
“We are deeply appreciative of the overwhelming and continued excitement for investing in the home healthcare space,” said Jennifer Sheets, president and CEO of CBI and Interim HealthCare, in a press release. “Over the past year and throughout 2021, delivery and access to high-quality home-based healthcare services has never been more essential, and it is rewarding to see such a positive market reaction.”
She continued, “As the home care industry leader, we at CBI are fully committed to making the home the center of healthcare and helping more people gain the quality services they need. As the newest addition to the Wellspring family, we feel fortunate to partner with an organization that is rooted in the healthcare industry and recognizes the value home-based healthcare provides.”
Commented Naishadh Lalwani, a partner at Wellspring, “We have been strong advocates of high-quality home-based care providers that enable seniors, individuals with medically complex care needs, and others with disabilities to live independently in their homes. CBI and their franchisees and operators have developed a stellar reputation of empowering individuals to live life on their own terms and we are excited to partner with Jennifer and team to continue to grow that mission.”
This is a developing story. Please check back for updates.