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news.Private equity fund manager Summer Street Capital Partners has acquired Willcare, a regional home healthcare company with more than 1,500 employees providing skilled nursing, therapeutic, paraprofessional and case management services to about 4,500 patients in Upstate New York, the Hudson Valley region of New York, and Northeast Ohio.
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Terms of the transaction were not disclosed, though Summer Street is said to use its aggregate $300 million under management to make equity investments that typically range from $5 million to $30 million in companies with annual revenues of $20 million to $100 million. Both Summer Street and Willcare are based in Buffalo, New York.
Consistent with Summer Street’s strategy of investing alongside strong and experienced management teams, Willcare CEO Todd Brason and CFO David Brason will retain their leadership positions and remain shareholders of the company.
Mr Brason said: “We believe our emphasis on case management, customer service and an employee-focused culture is what sets us apart at Willcare and allows us to assure complete coordination of the at-home needs of our patients, their families and their caregivers.
“With Summer Street’s support, we believe we can achieve the scale necessary to take full advantage of the demographic and regulatory trends that make home healthcare an essential player in the national movement to improve patient outcomes while controlling costs in an aging population.”