Advent International Acquires AccentCare to Expand Personalized Home-Based Care Services

VCBeat (WeChat Official Account: vcbeat) learned from foreign media that Advent International, a U.S. private equity firm, recently announced the acquisition of care provider AccentCare from Oak Hill Capital Partners.

Barclays, Deutsche Bank, and Royal Bank of Canada (RBC) served as financial advisors to Advent International, with Ropes & Gray acting as its legal counsel. Harris Williams & Co. and J.P. Morgan served as financial advisors to AccentCare, while Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to AccentCare.

Founded in 1999 and headquartered in Texas, USA, AccentCare is the sixth-largest home health platform and the third-largest personal care platform in the United States, providing a range of services from non-medical personal care to skilled nursing, rehabilitation, and care management across 16 U.S. states.

Currently, medical resources are insufficient, and most patients need to recover at home after receiving treatment. However, during home recovery, many patients experience disease relapse due to improper care or adverse drug reactions, which not only endangers their health but also increases their financial burden. AccentCare provides comprehensive home care services to help patients complete diagnosis, treatment, and nursing care in a scientific manner, thereby reducing the rate of disease recurrence. This care platform can not only monitor patients' health status in real time but also customize medication lists for patients and adjust care plans as needed.

Carmin Petrone, Managing Director at Advent International, stated, “AccentCare is a highly promising company dedicated to developing a high-quality home healthcare service platform. Through our collaboration with the AccentCare management team, we have gained insight into the industry’s growth prospects. We hope that, through our joint efforts, we can partner with more medical teams to deliver care services to a broader patient population.”

AccentCare CEO Stephan Rodgers stated, “We are delighted to partner with Advent International to jointly grow our business and develop a home care service platform. Our operations have already demonstrated initial growth momentum, and we will further expand our scale to provide personalized care to patients and families. We extend our sincere gratitude to Oak Hill Capital Partners for their support over the past nine years; they have made significant contributions to the company’s development.”

Advent International, founded in 1984 and headquartered in Boston, Massachusetts, USA, is one of the largest and most experienced private equity investment firms globally. The firm has completed 345 private equity transactions across 41 countries, with assets under management totaling $36 billion as of December 31, 2018. Advent International maintains offices on four continents and has built a globally integrated team of more than 195 investment professionals across North America, Europe, Latin America, and Asia.

Oak Hill Capital Partners, established in 1986 and headquartered in New York, USA, is a private equity firm. Since its inception, the firm has managed approximately $15 billion in initial capital and co-investments, and has executed more than 90 private equity transactions across various sectors of the U.S. and global economies.

(Compiled by Liu Yujing)