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Three years after being acquired by Advocate Aurora Well being, Senior Helpers has a brand new house.

The private care firm has been offered to Waud Capital, a Chicago-based mid-market personal fairness agency. Senior Helpers declined to reveal the acquisition value of the transaction.

The wheels for the acquisition began turning following Advocate Aurora's merger with Atrium Well being in 2022, Peter Ross, CEO of Senior Helpers, instructed Residence Well being Care Information.

“After Advocate and Atrium merged … they started engaged on a brand new strategic plan,” he stated. “As a part of that plan, they felt they most popular to work as a associate with their exterior property, [instead of] truly personal them. They made the choice, and Senior Helpers was a type of exterior property.”

Maryland-based Senior Helpers is a house well being care firm that operates greater than 380 franchise places within the US, Canada and Australia. Senior Helpers is likely one of the largest franchise corporations in house care. The truth is, the corporate ranked #172 on Entrepreneur's forty fifth annual Franchise 500 rankings this yr.

As soon as the choice to go to market was finalized, legal professional Aurora shortly obtained the ball rolling.

“As soon as they chose a banker final Could, the books have been put collectively,” Ross stated. “I believe we went to the market in August. The books went out, the primary bids got here in, curiosity got here in after which administration shows have been on this system. We skilled that on the finish of September and starting of October. Then got here the ultimate bids and remaining candidates within the interval November and early December. The ultimate purchaser was then chosen, seemingly in that mid-to-late December timeframe. Then got here the ultimate components of the due diligence and all the things else earlier than we obtained to yesterday's shut.

Ross identified that relating to acquisitions, the Waud Capital transaction isn't Senior Helpers' first rodeo. Earlier than Senior Helpers was bought by Advocate Aurora, it was owned by the personal fairness agency Altaris Capital.

“The distinction between the earlier gross sales was that Advocate Aurora was the one strategic one [buyer] that we’ve got ever offered to,” Ross stated. “The others, together with this current one to Waud Capital, have been all personal fairness companies, so the method could be very comparable.”

Though beneath new possession, Senior Helpers will preserve a relationship with Advocate Aurora.

“Their choice to promote Senior Helpers was a partnership versus possession choice, so we're shifting ahead with that,” Ross stated. “If you're half of a big well being care system — and I believe Advocate would admit this — it's not as simple because it sounds. There are lots of people it’s important to prepare inside the healthcare system, there are various layers to it. Navigating a big healthcare system took extra time and extra persistence. We've made good progress on among the collaborations we've completed, nevertheless it simply hasn't occurred as shortly as a few of us had hoped. We at present have an excellent working relationship with Advocate's healthcare groups within the markets through which we function.”

Moreover, Senior Helpers believes that the corporate matches into Waud Capital's total ecosystem. The PE agency is not any stranger to the post-acute care sector.

Waud Capital's portfolio consists of corporations equivalent to Concierge Residence Care, CarePoint Companions and PromptCare.

“[Waud Capital is] very centered on healthcare,” Ross stated. “They’re taking a look at new avenues and repair traces that may actually assist increase Senior Helpers even additional. They’re additionally very effectively capitalized as a personal fairness agency. They're actually placing lots of effort into their assets and their capital to see what else Senior Helpers can do, what different varieties of companies we will get into, to actually assist develop. We have now skilled important progress over our historical past, which is why we’ve got been acquired 4 occasions.”

Though Senior Helpers' time beneath Advocate Aurora was shorter than the corporate anticipated, Ross appreciates their time with the healthcare system and is worked up concerning the subsequent chapter at Waud Capital.

“I actually recognize all the things Advocate for Senior Helpers has completed, however we’re energized for our subsequent chapter with Waud Capital,” he stated. “The crew is empowered and our system is empowered.”