Industry News • November 29, 2016
Home care agency Great Lakes Caring Home Health and Hospice (Great Lakes Caring) has chosen a new equity partner, Blue Wolf Capital Partners LLC (Blue Wolf). Blue Wolf will be replacing the agency’s partner since 2014, Wellspring Capital Management LLC.
Based in Jackson, Michigan, Great Lakes will continue to be led by CEO William Deary and the rest of his management team. They have maintained a “significant equity stake” in the company, according to a press release.
“The home health and hospice industry is poised for consolidation, and Great Lakes Caring will actively participate in this consolidation as we evaluate acquisition opportunities and execute on our internal initiatives,” Deary said in the press release. “Blue Wolf believes we are an effective platform for both organic and acquisition growth, and has a long track record of supporting service-oriented companies by providing the strategic and financial resources they need to build their businesses.”
Great Lakes is positioning itself to take on new acquisitions in 2017, but is being relatively selective in what it pursues.
“We have a number of key potential acquisition targets in our pipeline right now,” Deary told Home Health Care News. “We are continuing to look at companies that have great compliance, quality and employees, because if you have those three things, financials will fall right into place.”
Blue Wolf is a private equity firm based in New York City that invests in companies in a number of industries including health care, aerospace and defense, forest and building products, and niche manufacturing and distribution.
“Great Lakes Caring provides a unique opportunity to invest in a platform with documented, industry-leading quality scores as well as a strong and established brand,” Adam Blumenthal, managing partner of Blue Wolf, said in the press release. “William Deary and Great Lakes Caring’s world-class management team have a proven track record, and we are excited to collaborate with them to further enhance the value of the business.”
Financial terms of the transaction were not disclosed. However, this is the second significant home care investment for Blue Wolf Capital, which earlier this year bought National Home Health Care Corporation for $103 million.
This article originally appeared in an article on Home Health Care News.