General Atlantic Finalizes Major Acquisition
General Atlantic has closed its acquisition of Team Services Holding Inc from Alpine Investors for approximately $3bn, including debt, according to a report by Bloomberg citing unnamed sources familiar with the transaction. The deal was finalized last week, with the agreement reached earlier this year, though no public announcement was made at the time. According to Private Equity Wire, representatives for General Atlantic, Alpine Investors, and Team Services declined to comment on the matter.
Deal Valuation and Terms
The transaction values Team Services at roughly 10x EBITDA, reflecting the financial terms outlined in the Bloomberg report. This acquisition involves General Atlantic purchasing the company from Alpine Investors, with the $3bn figure encompassing debt as part of the overall deal structure. While specifics beyond this were not detailed in the source, the deal’s completion highlights a significant financial commitment in the sector.
Overview of Team Services
Team Services provides in-home care solutions for seniors and individuals with long-term disabilities, managing key administrative and back-office functions. The company enables clients to select caregivers they know or trust, as part of its operational model. According to Private Equity Wire, this acquisition underscores continued investor appetite for traditional health-care services.
Context in the Home-Care Sector
The transaction follows recent private equity activities in the home- and senior-care sector, including Kinderhook Industries’ take-private of Enhabit and the acquisition of Select Medical Holdings Corp by a consortium featuring co-founder Robert Ortenzio, executive Martin Jackson, and Welsh, Carson, Anderson & Stowe. These moves indicate ongoing interest in the area, as noted in the source material. According to Private Equity Wire, such deals persist despite broader challenges in technology-focused health-care businesses.
