Westcove Partners Advises 24 Hour Home Care on Partnership with Team Services Group
LOS ANGELES, Nov. 23, 2021 /PRNewswire/ — Westcove Partners, LLC (“Westcove”), an emerging and highly specialized investment bank, acted as the exclusive financial advisor to 24 Hour Home Care (“24 Hour”) in its partnership with TEAM Services Group (“TEAM”), a confederation of non-medical home care solutions backed by Alpine Investors. 24 Hour, based in El Segundo, California, offers non-medical in-home personal care to seniors and individuals with intellectual and developmental disabilities (“I/DD”) through the employment of 11,000 caregivers to more than 13,000 clients across California, Arizona, and Texas. The terms of the transaction, which closed on October 12, 2021, were not disclosed.
24 Hour was founded in 2008 with a mission to impact people’s lives every day by providing high-quality, round-the-clock in-home personal care to seniors and individuals with I/DD disabilities. 24 Hour combines a relentless commitment to providing exceptional client care with an equal devotion to being the employer of choice for in-home caregivers. With this partnership, 24 Hour joins TEAM’s umbrella of non-medical home care brands. 24 Hour’s caregiver staffing models, as well as its fiscal intermediary services, are positioned to supplement TEAM Public Choice’s presence in such verticals across the United States.
David Allerby, CEO and Co-founder of 24 Hour said “We were able to select TEAM as a partner through the thoughtful and diligent efforts of Westcove. The Westcove team guided us throughout the process, providing prudent advice, curating a strong group of prospective partners, and acting as true thought partners as we navigated this pivotal and complex turning point for our company.”
Justin Hand, Managing Director of Westcove, comments, “Westcove was thrilled to advise 24 Hour in this process. 24 Hour has become one of the leading non-medical home care companies in the country and Alpine and TEAM’s interest in 24 Hour speaks to what the entire team has built over the last 13 years. We firmly believe this partnership is the beginning of something special, and we wish 24 Hour and TEAM the best as they seek to expand into new states and service lines.”
About Westcove Partners
Westcove Partners is a leading healthcare-focused investment bank that specializes in advising its clients through mergers & acquisitions, debt and equity financings, as well as other complex corporate finance transactions. The team focuses on founder operated businesses and seeks to curate its advisory services according to the intricacies that come with these types of businesses.
Contact: Shan Chawla, Schawla@westcove.com
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SOURCE Westcove Partners, LLC
