Sentinel Capital Partners has sold Interim HealthCare. Financial terms of the sale are not being disclosed. Based in Sunrise, Florida, Interim is a franchisor of skilled home healthcare services.
Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced the sale of Interim HealthCare Inc., the nation’s leading franchisor of skilled home healthcare services. Financial terms of the sale are not being disclosed.
Interim is the nation’s most comprehensive home healthcare provider utilizing a franchise-only business model. Based in Sunrise, Florida, Interim’s diverse franchise network provides services that cover the entire continuum of home-based care, including skilled home healthcare, home hospice care, home assisted living care, and supplemental healthcare staffing. Interim’s network of more than 300 locations in 43 states employs approximately 40,000 healthcare workers and provides care to 50,000 patients annually.
Under Sentinel’s ownership, Interim underwent an operational transformation from a franchisor and direct provider of healthcare services into a “pure-play” healthcare franchisor. As part of the transformation, Interim refranchised all of its company-owned home healthcare locations, exited non-core healthcare businesses, and focused its efforts on recruiting new franchise owners to its network.
“We are proud of the work Sentinel was able to accomplish with Interim’s highly talented and experienced management team over the course of our six-year investment,” said Paul Murphy, partner at Sentinel. “We originally acquired Interim with the goal of working with its management team to redefine and refocus Interim’s position in the healthcare industry. Today Interim is recognized as the nation’s leading home healthcare franchisor.”
Kathleen Gilmartin, Interim’s President and Chief Executive Officer, said, “Sentinel was a fantastic partner to the Interim team during the course of their ownership. Drawing upon Sentinel’s franchising experience and financial support, Interim was able to successfully navigate through a dynamic period of change in the healthcare industry. Home healthcare continues to be more cost effective and therefore more affordable than institutional care and we look forward to remaining on our current growth trajectory.”
The exit marks the latest event in an active year for Sentinel. In addition to Interim, Sentinel has successfully completed three other exits in 2012: Massage Envy, the nation’s largest provider and franchisor of massage therapy and facial treatment services; Inscape Publishing, a leading provider of assessment and training products and services that develop interpersonal skills; and LTI-Boyd, a leading manufacturer of mission-critical sealing and energy management solutions. During 2012, Sentinel has also completed three new platform acquisitions: Colson, a manufacturer of casters, wheels, and related hardware products; Northeast Dental Management, a dental practice management company in the mid-Atlantic; and Huddle House, a franchisor and operator of family-dining restaurants.
About Sentinel Capital Partners
Sentinel Capital Partners specializes in partnering with entrepreneurial executives to buy and build lower-middle market companies in the United States and Canada. Sentinel targets eight industry sectors: aerospace/defense, business services, consumer, distribution, food/restaurants, franchising, healthcare, and industrials. Sentinel invests in management buyouts, purchases of family businesses, corporate divestitures, going-private transactions, and special situations of businesses with EBITDA between $7 million and $35 million.
About Interim HealthCare Inc.
Founded in 1966, Interim HealthCare is the nation’s first and finest healthcare franchise organization. Through a comprehensive network of more than 300 independently-owned franchise offices, Interim HealthCare franchisees are the largest combined provider of community-based home care, home hospice care, and healthcare staffing services. Interim is unique in combining the commitment of local ownership with the support of a national organization that develops innovative programs and quality standards designed to improve the delivery of service. Interim franchisees employ 40,000 health care workers and provide nurses, therapists, aids, and other health care personnel to approximately 50,000 people annually.
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