Clearview Capital exits Senior Care

Clearview Capital has sold its stake in Trevose, Pennsylvania-based Senior Care/Active Day Inc, an operator of adult day health centers, to Audax. No financial terms were disclosed. Lincoln International acted as financial advisor to Senior Care on the transaction.

PRESS RELEASE

Old Greenwich, CT, December 9, 2015 — After a ten year hold during which the Company completed 15 acquisitions, Clearview Capital’s Pledge Fund today announced the sale of its interests in Senior Care/Active Day, Inc. (“Senior Care” or the “Company”) to Audax Private Equity Fund IV, LP (“Audax”).

Based in Trevose, PA, Senior Care is the nation’s premier operator of adult day health centers, providing differentiated and comprehensive medically intensive and cost-effective care services to elderly and developmentally delayed adults.

The Company operates 80 locations in 11 states and serves approximately 4,000 members on a daily basis.
“Over an incredibly productive ten year ownership period we have had the great fortune of partnering with CEO Jim Donnelly and COO Craig Mehnert to build by far the country’s largest operator of adult day health centers,” said James Andersen, Co-Founder and Managing Partner of Clearview Capital. “Highlighted by the acquisition andintegration of Active Day, which was twice Senior Care’s size, we were able to create a highly diversified and efficient operation by completing 15 add-on acquisitions that saw revenue more than quadruple while earnings increased nearly six-fold.”

“The ten year partnership with Clearview Capital has been incredibly successful in so many ways, and has allowed for Senior Care to grow not only in terms of the number of adult day health centers we operate, but also in terms of the services we provide, the members we serve, and our valuable employees who provide day to day care,” said Jim Donnelly, CEO of Senior Care. “With the expertise, knowledge and access to the financial markets Clearview Capital has provided throughout the years, we were able to accomplish all of the objectives we had originally set out to achieve.”

“The sale of Senior Care marks the fourth exit from a Clearview fund in the past twelve months and wraps up all Clearview’s legacy investments prior to Clearview Capital Fund II, LP,” said Calvin Neider, Co-Founder and Managing Partner of Clearview Capital. “With a very young portfolio averaging less than three years since our original investment and with ample capital remaining in Clearview Capital Fund III, LP, we are well-positioned to add new, high quality companies to our stable of investments.”

Lincoln International served as financial advisor and Pepper Hamilton was the legal advisor to Senior Care.
Clearview Capital’s other holdings include Advanced Medical Personnel Services, Inc., a provider of nationwide healthcare staffing solutions; Xcellence, Inc. d.b.a. Xact Data Discovery, a provider of discovery and data management services; Northwest Cosmetic Laboratories, LLC, a formulator and manufacturer of cosmetic and skin care products for prestige brands; Novik, Inc., an innovator, manufacturer and distributor of polymer building products; St. Croix Hospice, LLC, a provider of high quality, palliative care for hospice patients; QC Supply, LLC, a wholesale distributor to the swine and poultry markets; GCR, Inc., a professional services firm delivering technology solutions to governmental and commercial clients; Child Health Holdings, Inc. d.b.a. Pediatric Health Choice, the country’s largest provider of prescribed pediatric extended care (“PPEC”) centers for medically complex children; and Pyramid Healthcare, Inc., a provider of substance abuse and mental health treatment programs for adults and adolescents.