General Atlantic finalized an arrangement to purchase the in-home care provider, Team Services Holding Inc., for roughly $3 billion, inclusive of liabilities, according to an individual with knowledge of the matter.
Earlier in the year, General Atlantic inked an agreement to obtain Team Services from Alpine Investors; however, a formal statement has not been released. The transaction was finalized the prior week, one source indicated, and it assesses Team Services at about 10x its earnings prior to interest, taxation, depreciation, and amortization (EBITDA).
A spokesperson for General Atlantic opted not to offer remarks on the agreement, while representatives from Alpine and Team Services have yet to acknowledge requests seeking their input.
This transaction illustrates that entities like General Atlantic are maintaining investments in firms that deliver customary healthcare offerings, even as healthcare technology businesses have experienced declining valuations amid anxieties that they may be supplanted by solutions grounded in artificial intelligence.
Additional recent agreements in the space encompass Kinderhook Industries’ acquisition of Enhabit, along with the purchase of Select Medical Holdings Corp. through a collaboration that featured co-founder Robert Ortenzio, CEO Martin Jackson, and the private equity group, Welsh, Carson, Anderson & Stowe.
Team Services supports elderly individuals and those with chronic health challenges in obtaining at-home assistance from individuals or experts they select, concurrently managing particular administrative responsibilities tied to these provisions.
Source: Bloomberg