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 cited in Private Equity Wire. The agreement was reached earlier this year and values Team Services at roughly 10x EBITDA, with the deal finalised last week but without a public announcement at the time.
Deal Overview
Representatives for General Atlantic, Alpine Investors, and Team Services declined to comment on the transaction. Team Services provides in-home care solutions for seniors and individuals with long-term disabilities, managing key administrative and back-office functions while enabling clients to select caregivers they know or trust.
Market Context
The acquisition underscores continued investor appetite for traditional health-care services, even as technology-focused health-care businesses face valuation pressures amid concerns about disruption from artificial intelligence, as noted in Private Equity Wire. As widely known, private equity interest in health care has grown due to aging populations.
Related Transactions
The transaction follows recent private equity moves 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.
