Boston’s Thomas H. Lee Partners agreed to buy Seniorlink, a tech-enabled company that empowers caregivers coordinating care for seniors at home, PE Hub has learned.
The deal, which has yet to close, assigns Seniorlink a valuation approaching $400 million, sources familiar with the transaction said. The purchase price represents a high teens multiple of EBITDA, which is under $20 million, they said.
Evercore provided financial advice to Seniorlink on the sale process.
Seniorlink, also headquartered in Boston, provides caregivers with education, support and case management services to help care for loved ones with complex needs or chronic conditions in the home. Its care collaboration app, which offers coaching and resources for caregivers, is known as Vela.
The company serves Medicaid-eligible individuals and their families in select states, as well as members enrolled in Medicare Advantage, and their families, nationwide.
Like telemedicine, the tech-enabled digital services offered by players like Seniorlink have drawn increasing attention in the everything-remote, coronavirus world. At the same time, Seniorlink aligns with seniors’ increasing preference to stay in their homes.
Seniorlink previously raised $32.5 million in funding from investors including NewSpring Health Capital and Commonwealth Capital Ventures, according to Crunchbase.
Last summer THL bought Francisco Partners’ Nextech in a deal commanding an enterprise value north of $500 million, PE hub reported. The company, based in Tampa, Florida, provides electronic medical record and practice management software to specialty physician groups.
THL is also a minority investor in PCI Pharma Services alongside Partners Group and Frazier Healthcare Partners. A sale process for the company kicked off earlier this month, with price expectations in the $2.5 billion to $3 billion range.
THL and Evercore declined to comment. Seniorlink didn’t return a request for comment.
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