Radnor, PA – Capital Alignments Partners, NewSpring, Petra Capital Partners, and Tecum Capital announced today that the SBIC capital syndicate, in partnership with Silver Palm Capital Healthcare Partners, have acquired Aging With Comfort, a Philadelphia-based home care agency that provides personal care assistance for elderly and disabled clients.
Aging With Comfort’s in-home care team works with clients’ families to build customized care plans based on their specific needs, including personal grooming, medication reminders, meal planning, housekeeping, and much more. The company also onboards, trains, and manages home caregivers to ensure clients receive the highest quality care possible and caregivers remain compliant with state and federal laws. Aging With Comfort currently operates in five counties across Southeast Pennsylvania.
“Amid the COVID-19 pandemic, many older individuals and those living with disabilities feel much more comfortable receiving care at home, and Aging With Comfort remains dedicated to providing the highest standard of reliable and quality home care,” said Aging With Comfort CEO Besmir Kripa. “With the support of our new investment partners, we are excited to grow our business and extend our services to more individuals in need.”
Since its founding in 2014, Aging With Comfort has become one of the largest and fastest-growing home care agencies in the state. With contracts with all three managed care organizations in the Philadelphia area, including Keystone First CHC, PA Health & Wellness, and UPMC, Aging With Comfort’s pool of potential new clients is extremely large. The company also services multiple waiver programs, including Aging Waiver, Independence Waiver, OBRA, CommCare, and Attendant Care. The highly fragmented home care market also presents opportunities for mergers and acquisitions in the near future.
Due to Pennsylvania’s aging population, limited capacity in nursing homes, and the COVID-19 pandemic driving demand for home care, the community-based, long-term care market has increased dramatically over the last several years. Home care has evolved into a large $1.2 billion addressable market, and Aging With Comfort is well-positioned for rapid near-term growth as this market continues to expand.
Stephen Gurgovits, Jr., Managing Partner at Tecum noted, “Aging with Comfort serves a critical need in the healthcare system. By allowing patients to receive high-quality care from people they trust in the comfort of their own homes, Aging with Comfort provides improved care quality at a lower cost than traditional institutional settings.” Matt Harnett, Partner at Tecum, added, “Tecum has worked in and around the home care space for a number of years now and we’re thrilled to partner with Besmir and the investor group. Each group brings unique experience that will help the Company continue on its impressive growth path”.
As part of the transaction, representatives from each investment firm will join the Aging With Comfort Board of Directors as well as the addition of two independent Directors, Arnie Burchianti and Jeff Freedman. Mr. Burchianti previously served as CEO of Celtic Healthcare, a home health and hospice provider and former Tecum portfolio company.