General Atlantic completes $3bn acquisition of home-care provider Team Services at 10X

General Atlantic has closed its acquisition of Team Services
Holding Inc from Alpine Investors for approximately $3bn,
including debt, according to a report by Bloomberg citing unnamed
sources familiar with the transaction.

The agreement, reached earlier this year, values Team Services at
roughly 10x EBITDA.

Growth and private equity firm General Atlantic has acquired TEAM
Services Group from Alpine Investors for $3 billion, according to
Bloomberg.

The deal, completed last week and not publicly announced at the
time of signing, values TEAM Services at approximately 10x
EBITDA, the outlet reported, citing an unnamed source with
knowledge of the deal. The $3 billion price tag includes debt.

San Diego-based TEAM is a home care services company that
operates in all 50 states and employs 100,000 caregivers and
household staff. The company offers agency-based home care,
household employment services, including payroll and HR solutions
and financial management services for consumer-directed care.
TEAM Services has completed a slew of home care investments over
its history, including the acquisition of 24 Hour Home Care in
2021.

“A cost-efficient investment in home care can pay remarkable
dividends for clients, their families and the various state
programs that support them,” Josh Greenberg, the founder and
former CEO of TEAM Services Group, told HHCN at the time of the
24 Hour Home Care deal. “We are focused across the country on
making the provision of care as efficient, effective and as
beneficial as possible.”

New York City-based General Atlantic has $126 billion in assets
under management. The firm’s portfolio includes health care,
technology, financial services and life sciences companies, among
others.

The deal comes less than two months after another notable private
equity/home-based care deal: Kinderhook Industries’ acquisition
of Enhabit Inc. for $1.1 billion.

The acquisition underscores continued investor appetite for
traditional health-care services, even as technology-focused
health-care businesses face valuation pressures amid concerns
about disruption from artificial intelligence.

Team Services provides in-home care solutions for seniors and
individuals with long-term disabilities, managing key
administrative and back-office functions while enabling clients
to select caregivers they know or trust.

The transaction follows a series of recent private equity moves
in the home- and senior-care sector, including Kinderhook
Industries’ take-private of Enhabit and the acquisition of Select
Medical Holdings Corp by a consortium featuring co-founder Robert
Ortenzio, executive Martin Jackson, and Welsh, Carson, Anderson &
Stowe.