Advocate Aurora Enterprises has acquired a Maryland-based provider of in-home senior care, the Advocate Aurora Health subsidiary announced Thursday.
The health system’s recently launched investment arm is focused on investing in businesses that help promote people’s health beyond the traditional clinical care settings, particularly in the areas of aging independently, parenthood and personal performance.
Advocate Aurora Enterprises’ acquisition of Senior Helpers, which closed Thursday, follows its announcement last week that it led a series C funding round of more than $25 million in San Francisco-based telenutrition platform Foodsmart.
Senior Helpers has more than 320 franchised and corporate-owned locations in 44 states, Canada and Australia that provide home care services and wellness services for seniors, including meal planning, grocery shopping, medication reminders, transportation, companionship, assistance with personal hygiene and other services. They also offer programs for chronic neurological disease, particularly Alzheimer’s and Parkinson’s diseases.
“We deeply respect the company and its franchisees’ proven commitment to delivering compassionate care. One of our top priorities is to invest in companies that help people age well, and Senior Helpers fits that strategy perfectly,” said Advocate Aurora Enterprises president Scott Powder. “This deal capitalizes on our organizations’ shared commitment to helping seniors thrive independently, comfortably and affordably in their homes and our shared vision of the home as the care delivery venue of the future.”
Following the acquisition, the Senior Helpers leadership team will continue in their current roles.
“The need for high-quality, in-home senior care has never been greater. We see all sorts of opportunities to enhance our suite of senior services as part of Advocate Aurora Enterprises’ portfolio, because we share many of the same core values,” Senior Helpers CEO Peter Ross said. “Given Advocate Aurora’s scale and their experience as a premier health care provider, which aligns with the work our franchisees are already doing, we’ll be better positioned to expand best-in-class care and wellness services for seniors.”
Livingstone acted as the exclusive financial advisor to Advocate Aurora Enterprises in the acquisition. Cain Brothers, a division of KeyBanc Capital Markets, acted as a lead financial advisor to Senior Helpers.
Senior Helpers was last acquired in 2016 by funds affiliated with Altaris Capital Partners, LLC.
Early last year, Advocate Aurora executives unveiled an ambitious set of goals for the organization, including doubling its revenue and more than tripling the number of patients it serves by 2025, saying mergers and acquisitions will play a key role in reaching those targets.
“Senior Helpers furthers our transformation into a destination health company that goes beyond sick care to provide wellness offerings,” said Advocate Aurora Health president and chief executive officer Jim Skogsbergh. “The ultimate goal here is to give people more healthy days within the comfort of their homes doing the activities they enjoy. This aligns with our purpose of helping people live well.”