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Great Point Partners Portfolio Company Family Resource Home Care Announces Two Acquisitions
Introduction
GREENWICH, CT and LIBERTY LAKE, WA – Great Point Partners’ (“GPP”) portfolio company, Family Resource Home Care (“FRHC”), the leading provider of in-home caregiving services in the Pacific Northwest, announced today the acquisitions of Adeo In Home Care and Helping Hands Home Care – two of the largest, independently owned agencies in Oregon. The purchases signal a strategic move in the state by FRHC, with the Company now covering 79% of the population. The acquisitions are part of FRHC’s plan to continue expanding its share of the Pacific Northwest private duty home care market. The addition of Adeo and Helping Hands bring the Company’s total locations to 24 in three adjoining states.
“With Adeo and Helping Hands, we have advanced our goal of serving all major metropolitan markets in the Pacific Northwest,” said Jeff Wiberg, FRHC CEO. “The depth and breadth of our coverage positions us well to partner with large hospitals, health systems and post-acute providers.”
“After 15 years of serving thousands of seniors in Oregon, I was ready to join forces with a likeminded company,” said Kevin Call, Founder of Adeo In Home Care. “In FRHC, we found the ideal partner that can provide the resources for growth and alignment with Adeo’s core values and culture.”
“I believe FRHC and Helping Hands share best practices and the mission of enhancing the lives of Oregonians by providing compassionate, world-class care,” said Toby Forsberg, owner of Helping Hands. “I believe together we can achieve bigger and broader goals that benefit all stakeholders involved.”
About Family Resource Home Care
FRHC is the largest independent home care agency in the Northwest and one of the largest in the United States. It provides services primarily to the elderly such as personal care, medication management, meal preparation, housekeeping, companionship, dementia support and end-of-life, transitional and respite care. Family Resource is headquartered in Liberty Lake, WA, and has field offices in Arlington, Bellevue, Kennewick, Seattle, Spokane and Tacoma in Washington State, and Boise and Moscow, Idaho. More information about Family Resource and its services can be viewed online at www.familyresourcehomecare.com.
About Great Point Partners
Great Point Partners, founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with 28 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP III, which has $307 million of committed capital. Great Point manages capital in private (GPP I, $156 million and GPP II, $215 million of committed capital, and GPP III, $307 million) and its health care public equity fund (BioMedical Value Fund). Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 200 growing health care companies. The private equity funds invest across all sectors of the health care industry with a particular emphasis on biopharmaceutical services and supplies, alternate site care, medical device and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies.
Reach Great Point at 203-971-3300 or https://www.gppfunds.com/