TEAM Services Group, which is backed by Alpine Investors, has acquired Torrance, California-based 24 Hour Home Care, a provider of non-medical home care to seniors and persons with intellectual and developmental disabilities. No financial terms were disclosed. Westcove Partners served as financial advisor to 24 Hour Home Care on the deal.
SAN DIEGO & LOS ANGELES–(BUSINESS WIRE)–TEAM Services Group (“TEAM”), a portfolio company of Alpine Investors, announced today that they have partnered with 24 Hour Home Care, an industry-leading provider of non-medical home care to seniors and persons with intellectual and developmental disabilities (“I/DD”).
David Allerby and Ryan Iwamoto co-founded 24 Hour Home Care in 2008 in Torrance, CA, after having trouble securing quality home care for their family members. Since then, the company has grown to serve 23 service areas across three states, with over 11,000 caregivers and 13,000 clients. Throughout the company’s history, 24 Hour Home Care has remained focused on its mission: to impact people’s lives by making a difference every day through providing a higher level of care for clients, caregivers, and community partners. The partnership supports 24 Hour Home Care’s vision to expand its services across the nation and positions the company as a thought-leader for other organizations that are seeking similar partnerships.
24 Hour Home Care will continue operating under its brand name within TEAM Public Choices, a division of TEAM that serves clients through Medicaid and other state-sponsored disability programs. Joining TEAM will benefit 24 Hour Home Care by enhancing its caregiver and client experiences through additional resources and allow it to pursue future growth opportunities. David and Ryan will continue in their respective roles as CEO and President, while working alongside Josh Greenberg, CEO of TEAM Services Group, and the broader TEAM community.
“Our partnership with TEAM will allow us to further invest in our business and continue providing high-quality services for all of our clients and employees,” said David Allerby, CEO and Co-Founder. “TEAM’s confidence in our vision to become one of the largest non-medical home care providers in the nation has ignited our passion to continue to pursue expansion and merger opportunities while maintaining our organizational core values and people-centric culture.”
“From the start, we knew that TEAM was a great cultural fit and we couldn’t be more excited to be part of a group of like-minded people that are hyper-focused on providing high-quality and comprehensive services to all its stakeholders,” said Ryan Iwamoto, President and Co-Founder. “We are so excited to grow and learn with the TEAM community as we continue to positively impact the populations we serve by placing care at the center of everything we do.”
“We are absolutely thrilled to partner with David, Ryan, Jacque [CFO], and the rest of the 24 Hour Home Care team,” said Josh Greenberg, CEO of TEAM Services Group. “24 Hour Home Care’s people-driven mindset has allowed them to build a world-class business with a well-deserved reputation amongst its clients, caregivers and employees. 24 Hour Home Care’s vision and values align perfectly with TEAM’s, and we look forward to growing together going forward.”
TEAM’s investment in 24 Hour Home Care represents its 65th investment in the home care industry over the past 6 years. TEAM is actively searching for similar add-on acquisitions in the home care and related spaces across the nation.
Westcove Partners served as financial advisor to 24 Hour Home Care, and Stubbs Alderton & Markiles acted as legal counsel. Morrison Foerster acted as transaction and debt counsel to TEAM, while Troutman Pepper served as regulatory counsel.
About Alpine Investors
Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a CEO program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $2.25 billion eighth fund. For more information, visit http://www.alpineinvestors.com.