Court Square Capital Partners, a private equity firm based in New York, has made a strategic capital investment in Team Select Home Care, the two companies announced Monday.
The announcement comes less than a year after Tenex Capital began shopping Team Select to other potential investors.
Based in Phoenix, Team Select is a home-based care provider that serves the medically complex pediatric population as well as seniors. Overall, it serves more than 7,000 patients across 11 states.
“As home care specialists, our patients and their families will always be our primary focus,” Team Select CEO Fred Johnson said in a statement. “Our goal has always been to raise the bar on the standard of care our industry provides. Partnering with Court Square is an exciting opportunity because of their deep healthcare knowledge and proven track record of working with companies similar to ours.”
Team Select also boasts a rapidly growing Family CNA Program, which is a paid family caregiver model.
Although the financials were not immediately disclosed, the new funding will allow Team Select to expand into new and existing markets, adding to their 39 branches.
The company has been able to grow organically and through M&A over the past 15 years. Now, according to the news release, Team Select is “well positioned to complete its next phase of growth.”
“When I founded Team Select, I had a mission to dramatically improve the care that patients receive in a post-acute setting,” Team Select Founder Mike Lovell said in a statement. “Improving the access to critical care in the home environment serves to avoid hospital visits, drive down costs and ensure our patients’ well-being. The team at Court Square understands our unique vision and is the right partner to ensure we reach our goals.”
According to a recent report from Axios, Tenex started taking bids on Team Select in the fall of 2022. The financials of the process included “about $35 million of pro forma adjusted EBITDA, on about $250 million of revenue.”
Court Square is a middle market-focused PE firm with $7.4 billion in assets that include the durable medical equipment supplier Advanced Diabetes Supply, Integrated Prescription Management (IPM) and Knipper Health, among others.
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