One of the biggest home-based care deals of the year thus far was Waud Capital’s acquisition of Senior Helpers.
The Maryland-based franchise – which was previously owned by the health system Advocate Health – will be the foundation of Waud Capital’s home care platform moving forward. Overseeing that platform will be Steve Jakubcanin, the home-based care veteran and former CEO of Cornerstone Healthcare Group.
Here are five important things to know about Senior Helpers as it takes a different direction under new ownership.
Footprint and leadership
Currently, Senior Helpers has about 380 locations in 44 states, Australia and Canada.
Jakubcanin – who also spent time at AccentCare and Kindred Healthcare – will be the executive chairman of the board of directors at Senior Helpers. Waud Capital put $100 million behind him to kickstart a home care-focused platform back in February of 2023.
That won’t change Peter Ross’ role, however. Ross – the CEO and co-founder of Senior Helpers – will continue to lead the enterprise for the foreseeable future, he told Home Health Care News.
The Senior Helpers timeline
This will be the fourth major transaction that Senior Helpers has been a part of.
In October 2012, Levine Leichtman Capital Partners acquired a majority stake in the company. Then, in October 2016, Altaris Capital Partners acquired it.
In April of 2021, Advocate Aurora Enterprises acquired Senior Helpers. But about a year and a half later, in December of 2022, Advocate Aurora Health – the parent company of Advocate Aurora Enterprises – merged with Atrium Health.
That set the wheels in motion for the most recent deal, as Advocate Health (the combined organization) decided it wanted to partner with home care rather than owning it. Then, in March, Waud Capital announced it had acquired Senior Helpers.
Further acquisitions
It’s not yet clear whether Waud Capital has plans to inorganically add onto Senior Helpers through personal home care acquisitions elsewhere.
“That is to be determined,” Ross said.
But Waud Capital does already own other home-based care assets, such as: 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.
At the very least, Concierge Home Care and Senior Helpers will have a relationship off the bat. The two entered into a “strategic” partnership across Florida after the deal was announced.
“While this is not exclusive, we believe that this new partnership will benefit both companies moving forward,” Ross said.
New service lines
One of the more interesting items from the original press release was Ross’ indication that Senior Helpers could dive into more service lines under Waud Capital.
“We are very excited for our franchisee partners, teammates, caregivers, and clients,” he said in the press release. “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.”
When HHCN followed up with Ross, he did not offer any specific service lines just yet, but did say Senior Helpers would look at service lines “complementary” to its home care business.
The adult day operation
Speaking of other service lines, Ross already has Town Square, which is an adult day business.
Town Square, however, will not be affected by the Waud Capital transaction.
“I purchased Town Square from Altaris Capital in May of 2023,” he said. “Town Square is doing quite well. We are selling and opening new locations. I believe someday Town Square can be as successful as Senior Helpers.”
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