Industry News • May 9, 2017
Care Advantage, a portfolio company of BelHealth Investment Partners, has acquired Stay at Home Personal Care. Commonwealth Senior Living is the seller. Stay at Home provides inhome non-skilled personal care services.
Richmond, VA – May 10, 2017 – Care Advantage, a leading provider of home healthcare services in Virginia and a BelHealth Investment Partners (“BelHealth”) portfolio company, announced the acquisition of Stay at Home Personal Care (“Stay at Home” or the “Company”), a subsidiary of Commonwealth Senior Living.
Stay at Home currently operates three locations in Norfolk, Hampton and Christiansburg that provide inhome non-skilled personal care services. The acquisition strengthens Care Advantage’s presence in the Tidewater area in Southeastern Virginia and adds six new counties of coverage. Additionally, there are twelve counties where Care Advantage and Stay at Home have overlapping coverage.
William Mayes, CEO of Care Advantage, stated, “The addition of Stay at Home allows Care Advantage to add three strategic locations and access several new counties within Virginia. They have a reputation for providing high quality care to their referral sources, and we look forward to having their talented team join the Care Advantage family.”
Scott Lee, Managing Director of BelHealth, added, “William and his team have done an outstanding job streamlining operations at Care Advantage. The acquisition of Stay at Home is only the beginning of BelHealth beginning to execute on its investment thesis for this platform. Stay at Home adds valuable new locations that will allow Care Advantage to grow within Virginia and the Mid-Atlantic region.”
Advantage Founded in 1988 and headquartered in Richmond, Virginia, Care Advantage is one of Virginia’s largest privately held home healthcare providers. The Company specializes in “one-on-one” quality nursing care in the home and is a one-stop shop for home healthcare services. Care Advantage currently maintains branch locations throughout the state. The Company provides private duty nursing and personal care services such as bathing, dressing, and companionship and also provides skilled services primarily by licensed nurses.
About BelHealth Investment Partners
BelHealth Investment Partners, based in New York, New York, is a healthcare private equity firm focused on lower middle market companies. BelHealth has a unique combination of investing, executive management, and entrepreneurial experience. BelHealth acquires majority positions in entrepreneur-owned companies that it believes would benefit from its extensive operating and private equity investment expertise. The firm typically invests $20-50 million per platform company across three core healthcare segments: Services, Products, and Distribution. BelHealth is currently investing from Fund II, a $350 million fund.
This article originally appeared in an article on PE Hub Network.