With a new CEO at the helm, home care franchise company Comforcare is growing in new directions.
ComForCare, which has more than 200 locations across the United States, Canada and the U.K., has acquired Carepatrol, a company that helps place individuals in assisted living and other senior living settings. Like ComForCare, CarePatrol operates on a franchise model, and has more than 150 offices in 40 states.
“In addition to expanding our service offering and portfolio, our acquisition of CarePatrol illustrates our objective of finding new avenues to carry out our mission to help people live their best life possible,” ComForCare CEO Steve Greenbaum stated in a press release issued Tuesday.
Greenbaum became CEO of Bloomfield Hills, Michigan-based ComeForCare earlier this year. It’s part of a larger transition for the company, which was acquired by The Riverside Company, a New York City-based private equity firm, last July.
“CarePatrol is a great fit for ComForCare and the people both companies serve,” said Riverside partner Brian Sauer, in a press release. “It expands the companies’ collective reach, but also enhances capabilities and provides an excellent platform for continued growth. This addition to the ComForCare platform is the first step in realizing an aggressive growth strategy in this space.”
CarePatrol does not charge its clients for services but earns revenue by getting referral fees from the private-pay senior living communities that it sends people to, such as independent living, assisted living and memory care facilities. Advisors with CarePatrol personally meet with clients and accompany them on tours of senior living communities.
The acquisition should help ComForCare extend its reach across the care continuum and bring other benefits, such as strong relationships with health care providers, Riverside noted in its announcement of the deal.
“Our shared commitment to excellence in home care and senior placement will serve seniors, families and our franchisees well,” CarePatrol founder Chuck Bongiovanni stated. “With the expertise of the professionals at ComForCare and Riverside, I’m confident that CarePatrol will reach new heights in customer service and quality care.”
Financial terms of the transaction were not disclosed. Saratoga Investment Corp. provided financing, and Jones Day provided legal counsel.
Riverside and ComForCare had not responded to requests for comment from Home Health Care News as of press time.
Written by Tim Mullaney