Growth and private equity firm General Atlantic has acquired TEAM Services Group from Alpine Investors for $3 billion, according to Bloomberg.
The deal, completed last week and not publicly announced at the time of signing, values TEAM Services at approximately 10x EBITDA, according to the outlet. The $3 billion price tag includes debt.
General Atlantic, TEAM Services and Alpine Investors did not immediately respond to Home Health Care News’ request for comment.
San Diego-based TEAM is a home care services company that operates in all 50 states and employs 100,000 caregivers and household staff. The company offers agency-based home care, household employment services, including payroll and HR solutions and financial management services for consumer-directed care. TEAM Services has completed a slew of home care investments over its history, including the acquisition of 24 Hour Home Care in 2021.
“A cost-efficient investment in home care can pay remarkable dividends for clients, their families and the various state programs that support them,” Josh Greenberg, the CEO of TEAM Services Group, told HHCN at the time of the 24 Hour Home Care deal. “We are focused across the country on making the provision of care as efficient, effective and as beneficial as possible.”
New York City-based General Atlantic has $126 billion in assets under management. The firm’s portfolio includes health care, technology, financial services and life sciences companies, among others.
On its end, San Francisco-based Alpine Investors – which has called itself an anti-private equity firm – focuses on software, business and consumer services-related investments with EBITDA of $1 million to $50 million.
The deal comes less than two months after another notable private equity/home-based care deal: Kinderhook Industries’ acquisition of Enhabit Inc. for $1.1 billion.