TEAM Services Group Acquires AmeriBest Home Care to Expand Its Home-Based Care Footprint

VCBeat (WeChat ID: vcbeat) learned from foreign media that on October 2, 2019, TEAM Services Group (“TEAM”), a portfolio company of Alpine Investors, announced the completion of its acquisition of AmeriBest Home Care (“AmeriBest”), a portfolio company of Boyne Capital. The financial terms of the acquisition were not disclosed.

Lincoln International served as the exclusive financial advisor to AmeriBest in this acquisition.

AmeriBest is a home care agency based in Philadelphia, USA. Its primary business is providing home and community-based services to eligible clients enrolled in Pennsylvania’s Medicaid program and other government-funded healthcare programs. AmeriBest’s former parent company, Boyne Capital, is a private equity firm located in Florida that focuses primarily on investments in the lower-middle market.

Following the completion of the acquisition, AmeriBest will operate under the existing brand name of TEAM Public Choices (hereinafter referred to as “TPC”), serving clients through Medicaid and other government-funded programs. Omar Khanataev will continue to serve as Chief Executive Officer of AmeriBest.

TPC is a division of TEAM Services Group, primarily providing support for the elderly and individuals with disabilities. This is also the common ground between AmeriBest Home Care and TPC—both are dedicated to delivering high-quality home care services to the elderly and individuals with disabilities. TPC emphasizes enhancing patients' self-management capabilities and consumer choice, allowing individuals to receive care plans in their preferred settings, thereby helping to reduce healthcare costs. Currently, TPC’s operations have expanded to 23 states across the United States.

TEAM Services Group’s Chief Financial Officer and Chief Operating Officer, Cullen Knights, stated, “We are delighted to establish a new partnership with AmeriBest Home Care. From the outset, TEAM and AmeriBest have shared clearly aligned values, including a commitment to the quality of customer service. These efforts have earned AmeriBest strong acclaim in the Pennsylvania region. We look forward to continuing to advance in this direction with their support.”

Omar Khanataev stated, “We are delighted to partner with TEAM. From the outset, we have shared the same vision, strategy, and philosophy in home and community-based services: helping patients live with dignity and independence. Through this newly established partnership, we aim to become the preferred provider of home and community care.”

Alpine Investors, founded in 2001, is a private equity firm headquartered in California, United States. Alpine Investors specializes in the mid-market software and services sector. Its PeopleFirst strategy features an “Entrepreneur-in-Residence” (EIR) program, whereby Alpine typically partners with CEOs first and then integrates them into portfolio companies as part of the transaction. This approach offers a unique solution for situations requiring additional management support or new management models post-transaction.

Headquartered in California, USA, TEAM primarily provides home employment and home care solutions to customers through its branches across the United States. In late May 2019, the company also acquired Circle of Life, a Minnesota-based home care agency dedicated to serving Native American communities.

AmeriBest, established in 2015 and headquartered in Pennsylvania, USA, is a Medicare-certified home care agency.

(Compiled by: He Li)