The private equity firm Waud Capital has acquired the home care franchise Senior Helpers.
Advocate Aurora Health acquired Senior Helpers in 2021, with the idea that the health system would “own the full continuum.” A year and a half later, however, Advocate Aurora merged with Atrium Health, forming one of the largest health systems in the country.
The health system is now offloading its primary home care asset to a private equity company that has become very active in home-based care of late.
“We are very excited for our franchisee partners, teammates, caregivers and clients,” Peter Ross, CEO and co-founder of Senior Helpers, said in a statement. “The need for high-quality, in-home senior care has never been greater. We see opportunities to enhance our suite of senior services as part of the next phase of the company’s growth. Waud Capital brings deep expertise in supporting and successfully growing healthcare companies, a set of similar core values, and a shared vision for the future.”
The Maryland-based Senior Helpers operates more than 380 franchise locations in the U.S., Canada and Australia. It is one of the largest home care companies in the country.
Prior to Advocate Aurora acquiring it, Senior Helpers was owned by the private equity firm Altaris Capital.
Terms of the most recent transaction were not disclosed.
On Waud Capital’s end, it is a Chicago-based middle-market private equity firm. Its focus is on the health care services and software and technology sectors. Its total capital commitments surpass $4 billion.
In February 2023, it put $100 million behind former Cornerstone Healthcare Group CEO Steve Jakubcanin, making him the architect of a new home-based care enterprise.
Now, Jakubcanin and Waud Capital have made a major, foundational move.
“Senior Helpers is one of the most respected and reputable brands in the home care industry, and I share the company’s commitment to providing high-quality, compassionate care,” Jakubcanin said. “It is a privilege to work with Peter and the Senior Helpers management team. We plan to continue building on the company’s success and further enhance the services offered to our franchisee partners and client families.”
Jakubcanin will serve as executive chairman of the board of directors at Senior Helpers. Prior to Cornerstone, he also spent time at AccentCare and Kindred Healthcare.
Waud Capital also recently backed two Signify Health veterans on a staffing services venture that includes home health care as a focus area.
Additionally, it has invested in the home health provider Concierge Home Care; the home infusion companies PromptCare and CarePoint Partners; the physical therapy platform Ivy Rehab; Regency Hospital Company; and DS Medical, a home medical supplies company.
“Our partnership with Senior Helpers is another key example of the Waud Capital strategy of matching experienced executive talent with industry-leading companies in sectors where we have deep conviction,” Chris Graber, a partner at Waud Capital, said in a statement. “We look forward to supporting the company in its next phase of growth.”
As for Advocate Health, the company says it remains committed to providing its patients with home-based care options in the future.
“Advocate Health remains committed to collaborating with innovative companies like Senior Helpers to advance health care transformation and enhance outcomes among our patients aging in place,” Rasu Shrestha, Advocate Health’s chief innovation and commercialization officer, added.
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