WindRose & Portfolio Company News
New York, NY, July 28, 2020 – WindRose Health Investors, LLC (“WindRose”), the New York-based healthcare private equity firm, announced that it has completed the recapitalization of Caregiver Inc. (“Caregiver” or the “Company”), a leading provider of long-term care services and supports to people with intellectual and developmental disabilities. Terms of the transaction were not disclosed.
Caregiver provides home and community-based services to more than three thousand individuals with intellectual and developmental disabilities across Texas, Ohio, Tennessee and Indiana. WindRose partnered with Caregiver’s executive team to recapitalize the business and provide additional capital to support future growth. With WindRose’s investment, Caregiver will be able to expand into new markets across the United States and increase its market share within existing markets to provide its high-quality care to more clients.
“We are excited to partner with WindRose to support the next phase of the Company’s growth,” said Mark Lashley, chief executive officer, Caregiver. “WindRose understands our industry, the rewarding work we do each day, and the impact we make on each other through our acts of service. We believe this will be a great partnership as we strive for operational excellence and to be the provider and employer of choice.”
“We are thrilled to be partnering with Mark and the Caregiver management team,” said CJ Burnes, Partner with WindRose. “We have evaluated many businesses in this sector and have identified Caregiver as the premier platform. Caregiver has an exceptional reputation for providing high quality care and we look forward to supporting the Company’s continued growth as they expand into new and existing markets.”
The closing of this transaction reflects the strength of Caregiver’s business in the face of COVID-19. As WindRose worked towards a signing with the selling shareholders, the process moved into early March 2020 and increased uncertainty arose from COVID-19. As such, WindRose elected to put the process on a temporary hold to gain better visibility on the potential impact to Caregiver. WindRose re-engaged with the Company in April 2020, and conducted significant additional diligence with management and WindRose’s advisors. Following this additional diligence, WindRose determined that Caregiver has taken the appropriate measures to protect its customers and employees, mitigate any significant financial impact to the business, and that the Company’s business model is extremely resilient as it provides essential services to a protected population with recurring streams of revenue.
About WindRose Health Investors
WindRose Health Investors, LLC makes equity investments in companies that operate within the services sectors of the healthcare industry. We focus on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose manages over $1.2 billion in investments and is currently investing out of its fifth fund. We are based in New York City and invest in companies throughout the United States. For more information, please email us at info@windrose.com