SUNRISE, Fla., Oct. 25, 2021 /PRNewswire/ — Wellspring Capital Management ("Wellspring"), a leading private equity firm headquartered in New York, announced today that it has partnered with management to complete the acquisition of Caring Brands International, Inc. ("CBI" or the "Company"). Terms of the transaction were not disclosed.
Tracing its heritage back to 1966, CBI is the leading franchisor of home healthcare services under three global brands: Interim HealthCare Inc. (in the United States), Bluebird Care (in the United Kingdom and the Republic of Ireland) and Just Better Care (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. The Company’s franchisees and operators are uniquely positioned in their respective markets to offer the full continuum of healthcare at home including skilled nursing, home health, assistance with daily living activities and end-of-life hospice care along with healthcare staffing. CBI is headquartered in Sunrise, FL.
"We are deeply appreciative of the overwhelming and continued excitement for investing in the home healthcare space. 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," said Jennifer Sheets, president and CEO of Caring Brands International and Interim HealthCare Inc. "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."
CBI is the twelfth investment from Wellspring Capital Partners Fund V, L.P., a $1.45 billion vehicle raised in January 2018.
Regarding the acquisition, Naishadh Lalwani, a Partner at Wellspring, offered:
"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."
Alexander Carles, Co-President of Wellspring Capital, added:
"We are thrilled to add CBI to the Wellspring portfolio. CBI is a perfect fit with our history of investing in care in and around the home and we are excited to support the next phase of growth for the Company and its market-facing brands."
Financing for this transaction was provided by Adams Street Partners, Blackrock, Madison Capital and AEA Investors. McDermott Will & Emery LLP served as legal counsel and Houlihan Lokey served as financial advisor to Wellspring. Lincoln International served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to CBI with respect to the transaction.
About Caring Brands International
Caring Brands International (CBI) is the largest franchisor of home healthcare services globally with more than 550 locations around the world. CBI offers franchises under three brands: Interim HealthCare (United States and Saudi Arabia), Bluebird Care (United Kingdom and Republic of Ireland) and Just Better Care (Australia). CBI’s branches and franchisees offer individuals and strategic partners a full continuum of care including skilled nursing, assistance with daily living activities and end-of-life hospice care.
About Wellspring Capital Management
Wellspring Capital Management is a leading private equity firm headquartered in New York. Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. In total, Wellspring’s current portfolio companies employ nearly 60,000 people around the world and generated aggregate revenues in excess of approximately $4.5 billion in the last 12 months.¹ Over the past 25 years, Wellspring has invested in over 45 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 seeks 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.
1: As of 12/31/2020
About Interim HealthCare Inc.
Founded in 1966 and First in Home Care ®, Interim HealthCare Inc. is unique in combining the commitment of local ownership with the support of a national organization that develops innovative programs and quality standards. The only major franchise brand in its category to offer the full continuum of care, the company strives to improve the delivery of home healthcare and staffing services through 330 plus locations servicing the U.S. and Saudi Arabia. Ranked #1 for the third year in a row by Entrepreneur magazine, franchisees employ nurses, therapists, aides, companions and other healthcare professionals who provide 25 million hours of home care service to 200,000 people each year, meeting a variety of home health, senior care, hospice, palliative care, pediatric care and healthcare staffing needs. For more information or to locate an Interim HealthCare office, visit www.interimhealthcare.com.
About Bluebird Care
Bluebird Care is the UK’s largest national independent provider of care and support at home services, demonstrating the highest standards of quality, professionalism and expertise with every home visit. Bluebird Care started as a small family business in 2004 and through franchising the business model in 2006, the organisation is today one of the largest providers of homecare, live-in care and support services across the United Kingdom and Republic of Ireland.
With over 200 offices, the Bluebird Care franchise owner network provide over 20,000 visits to customers every day, revolutionising the way high quality and bespoke care is delivered not only to older people, but also to those with specialist care needs, children and their families. With a mantra of, "Home is where the heart is, let’s keep it there", you can find out more information on the care and support at home options that are offered by Bluebird Care by visiting: https://www.bluebirdcare.co.uk/ and https://www.bluebirdcare.ie.
About Just Better Care
Established in 2005, Just Better Care is one of Australia’s largest accredited franchised providers of in-home home care services in Australia, delivering in-home social and lifestyle support services that enable people to live independently. Just Better Care currently has over 40 independently owned and operated franchise territories covering NSW, Queensland, Victoria, the ACT, Western Australia and the successful franchisor is currently expanding its footprint of local offices into Tasmania. The Just Better Care mission is to provide high quality personalised services "just for you" to those requiring assistance to live independently and thrive personally. To find out more about Just Better Care visit justbettercare.com.