JPB Capital Partners has become the majority stakeholder in a Wisconsin hospice and health care service provider with plans to expand the company.
JPB, a Columbia private equity firm known for its investments in the Greene Turtle chain and South Moon Under, added to its stake in the consumer health care services sector by acquiring Hometown Hospice and HomeCare Inc. Terms of the deal were not disclosed.
Hometown, founded in 2013, currently provides hospice and home health services in seven counties in Greater Milwaukee. Jim Bolduc and Mark Rodhe, senior managing directors at JPB, said in a statement they envision Hometown expanding throughout the upper Midwest by acquiring local firms. They plan to keep Hometown’s current leadership, President Jeff Paul and CEO Rich Firth, in their positions.
“Jeff and Rich are talented, experienced and proven leaders in this space,” Rohde said. “This foundation, together with our capital and our team’s knowledge and experience in expanding brands and taking operational performance to the next level, makes us confident that together we can expand the Hometown brand beyond the greater Milwaukee, Wis., area.”
Hometown fit right into JPB’s investment strategy, Bolduc said. JPB invests in middle-market companies with between $5 million and $50 million, and typically holds onto investments for three to seven years.
“We focus on investing in companies that have proven their business concept, have established a strong brand, and have growth potential beyond their current service area,” Bolduc said.
JPB purchased a majority stake in South Moon Under almost a year ago, with a goal of boosting the retailer’s annual revenue from $50 million to between $100 million and $150 million. Two years ago the firm sold its stake in Greene Turtle Sports Bar & Grille to a New York private equity equity firm.
This article originally appeared in an article on BizJournals.