PE-backed Care Advantage promotes Hanold to CEO

Care Advantage, a portfolio company of BelHealth Investment Partners, has promoted Tim Hanold to CEO. Hanold joined the company in 2018 and recently was president and executive vice president of sales as well as leader of the personal care division.

PRESS RELEASE

New York, NY and Richmond, VA – May 3, 2018 – Care Advantage (the “Company”), a leading provider of home health services and a BelHealth Investment Partners (“BelHealth”) portfolio company, announced that Tim Hanold has been promoted to CEO. Mr. Hanold joined the Company in January 2018 and has been serving as President, Executive Vice President of Sales and Leader of the Personal Care Division.

For ten years, Mr. Hanold held various roles at Humana (NYSE: HUM) and its home care subsidiary, SeniorBridge, where he reached the position of National Sales Director of a $120 million business. Mr. Hanold spent the last two years as Chief of Operations, Experience Delivery at Humana Wellness Solutions, where he was responsible for a $225 million business and a team of over 200 individuals.

Tim Hanold said, “I am thrilled about the opportunity to lead Care Advantage going forward as its next CEO and honored by the confidence and trust the Board of Directors has shown in this decision. Care Advantage has a truly differentiated home health platform in the Mid-Atlantic region — and it is our people, local communities, and consistent care since 1988 that have made the real difference in this organization. I look forward to upholding our traditions and quality as we grow.”

Harold Blue, Managing Partner of BelHealth, added, “Tim has made an incredible impact during his tenure at Care Advantage. His experience in personal care and developing effective sales models have significantly helped the business and I have been impressed with his leadership abilities. We will continue to execute on our strategy of building a leading Mid-Atlantic home healthcare platform and I am confident Tim is the right person to lead that effort.”

About Care Advantage
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. Corporate headquarters are in Richmond, with an additional 17 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, 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 invests across three core healthcare segments: Services, Products and Distribution. BelHealth is investing from its current $350 million fund.