A leading New York-based private equity firm, Wellspring Capital, has acquired the family of care brands, Caring Brands International (CBI). The terms of the transaction were not disclosed.
CBI is a global home-healthcare franchisor with three global brands to its name, Interim Healthcare in the U.S., Bluebird Care in the U.K. and Republic of Ireland and Just Better Care in Australia. These brands represent over $1.3bn system-wide sales annually and over 550 locations operated by more than 250 franchise owners.
“We are honored that Wellspring chose to invest in our organization. As we have witnessed over the past year and throughout 2021, the demand for delivering high-quality home-based healthcare services has never been more essential,” said Jennifer Sheets, president and CEO of Caring Brands International and Interim HealthCare Inc.
“As the leader in the home care industry, we at CBI are excited to be a part of the Wellspring family. We believe we are uniquely positioned for continued outsized growth and through this partnership, we will be able to help even more patients and clients obtain the quality care they need in the preferred and most efficient and effective site of care: their home.”
CBI is the twelfth investment from Wellspring Capital Partners Fund V, L.P., a $1.45 billion vehicle raised in January 2018.
“We have been strong advocates of high-quality home-based care providers that enable seniors, individuals with medically complex care needs, and others with disabilities to live independently in their homes,” said Naishadh Lalwani, a partner at Wellspring.
“CBI and their franchisees and operators have developed a stellar reputation of empowering individuals to live life on their own terms and we are excited to partner with Jennifer and team to continue to grow that mission.”
Financing for this transaction was provided by Adams Street Partners, Blackrock, Madison Capital and AEA Investors.
“We are thrilled to add CBI to the Wellspring portfolio. CBI is a perfect fit with our history of investing in care in and around the home and we are excited to support the next phase of growth for the Company and its market-facing brands,” said Alexander Carles, co-president of Wellspring Capital.
