Care Advantage, one of the largest home care providers in Virginia, is getting a new owner.
Four years after the sale to a private equity firm, another private investment company, Searchlight Capital Partners LP, plans to acquire a majority stake in the Chesterfield County-based company.
The terms of the deal announced on Wednesday have not been disclosed. The transaction is expected to be completed by the end of July.
The Care Advantage name and management team will remain.
Searchlight Capital is acquiring Care Advantage from BelHealth Investment Partners LLC, a New York-based, healthcare-focused private equity firm that bought the Chesterfield business from its founder in January 2017.
Searchlight plans to support Care Advantage growth in its existing markets and accelerate expansion into new states in the US
“We are confident that Care Advantage is well positioned to benefit from the strong organic growth of the sector over the long term,” said Phil Bacal, managing director at Searchlight, in a statement. “Seniors increasingly need cheaper care alternatives that enable them to age comfortably within their own four walls.”
BelHealth owned Care Advantage was on a rapid growth expansion. For example, in the three years since purchasing the company, the company has signed 12 acquisition agreements to expand Care Advantage’s business.