As Part of Growth Plan, ComForCare Acquires CarePatrol
Steve Greenbaum, ComForCare's new CEO.
With its new CEO in place, in-home care franchise ComForCare took another step in executing its strategic growth plan with the acquisition of CarePatrol, a senior placement franchise.
Based in Gilbert, Arizona, CarePatrol assists in placing people in assisted living or other senior living settings and has 150 franchise partners in 40 states. ComForCare, with 200 locations in the United States, Canada and the U.K. provides non-medical care to the aging, people with disabilities or those recovering from an illness or injury in their homes or health care facilities.
The acquisition is part of ComForCare’s expansion effort into the older adult care space, a strategy put in place following its own acquisition by New York City-based private equity firm The Riverside Company in July 2017.
“CarePatrol is a great fit for ComForCare and the people both companies serve,” said Riverside partner Brian Sauer in a press release. “It expands the companies’ collective reach, but also enhances capabilities and provides an excellent platform for continued growth. This addition to the ComForCare platform is the first step in realizing an aggressive growth strategy in this space.”
Last month Riverside handpicked new ComForCare CEO Steve Greenbaum, founder and former CEO of PostNet, following a national search. ComForCare founder Mark Armstrong became chairman of the board.
“In addition to expanding our service offering and portfolio, our acquisition of CarePatrol illustrates our objective of finding new avenues to carry out our mission to help people live their best life possible,” said Greenbaum in a statement.
Riverside will continue looking for investments in the home care space, said Principal Stephen Rice.
“When we invested in ComForCare last year, we saw huge potential to become a disrupter in the home care space, especially given the accelerated growth of the industry with aging baby boomers,” said Rice. “ComForCare has been strategic about its organic growth since its inception more than 20 years ago, and we look forward to amplifying this growth through investments in similar-minded companies like CarePatrol.”