SBIC Capital Syndicate Partners to Acquire Aging With Comfort
April 6, 2021
Radnor, PA – Capital Alignment Partners, NewSpring, Petra Capital Partners, and Tecum Capital announced today that the SBIC capital syndicate, in partnership with Silver Palm Capital Healthcare Partners, have acquired Aging With Comfort, a Philadelphia-based home care agency that provides personal care assistance for elderly and disabled clients.
Aging With Comfort’s in-home care team works with clients’ families to build customized care plans based on their specific needs, including personal grooming, medication reminders, meal planning, housekeeping, and much more. The company also onboards, trains, and manages home caregivers to ensure clients receive the highest quality care possible and caregivers remain compliant with state and federal laws. Aging With Comfort currently operates in five counties across Southeast Pennsylvania.
“Amid the COVID-19 pandemic, many older individuals and those living with disabilities feel much more comfortable receiving care at home, and Aging With Comfort remains dedicated to providing the highest standard of reliable and quality home care,” said Aging With Comfort CEO Besmir Kripa. “With the support of our new investment partners, we are excited to grow our business and extend our services to more individuals in need.”
Since its founding in 2014, Aging With Comfort has become one of the largest and fastest-growing home care agencies in the state. With contracts with all three managed care organizations in the Philadelphia area, including Keystone First CHC, PA Health & Wellness, and UPMC, Aging With Comfort’s pool of potential new clients is extremely large. The company also services multiple waiver programs, including Aging Waiver, Independence Waiver, OBRA, CommCare, and Attendant Care. The highly fragmented home care market also presents opportunities for mergers and acquisitions in the near future.
Due to Pennsylvania’s aging population, limited capacity in nursing homes, and the COVID-19 pandemic driving demand for home care, the community-based, long-term care market has increased dramatically over the last several years. Home care has evolved into a large $1.2 billion addressable market, and Aging With Comfort is well-positioned for rapid near-term growth as this market continues to expand.
“As the home continues to grow in popularity as the preferred site of care for millions of Americans, Aging With Comfort allows elderly individuals and those living with disabilities to live comfortably in their own residences,” said Drew Healy, Capital Alignment Managing Director. “As this trend continues to unfold, we’re excited to partner with Besmir and his team, with the help of NewSpring, Petra Capital Partners, Silver Palm Capital Healthcare Partners, and Tecum Capital to help Aging With Comfort continue to expand into new markets in Pennsylvania.”
As part of the transaction, representatives from each investment firm will join the Aging With Comfort Board of Directors as well as the addition of two independent Directors, Arnie Burchianti and Jeff Freedman.
The Deal Team from Tecum Capital consisted of Matt Harnett, Ian Frazier, and Paul Oris.
About Tecum Capital
Tecum Capital is a Pittsburgh, Pennsylvania based investment firm deploying private capital in lower middle market companies. Tecum provides mezzanine debt and equity investments in growth-oriented middle market companies across the broader high-value manufacturing, value-added distribution, and business services sectors, with a focus on opportunities that demonstrate strong long-term industry fundamentals, differentiated products or services, and identifiable secular growth tailwinds. Our team partners with independent sponsors, family offices, committed funds, business owners seeking succession plans, and management teams to create shared success. Tecum focuses on businesses with EBITDA greater than $2 million. Tecum seeks to invest $5 million to $20 million in potential portfolio companies. Tecum is a licensed Small Business Investment Company (“SBIC”) and is currently investing out of Tecum Capital Partners II, L.P, a $265 million fund launched in June 2017. Since 2006, the team has collectively invested more than $650 million in over 100 platform and add-on acquisitions. For more information, please visit www.tecum.com.
SOURCE: Tecum Capital