LIBERTY LAKE, Wash. (September 15, 2020)—Family Resource Home Care announced an investment partnership with Great Point Partners, a health care-focused private equity group based in Greenwich, Connecticut. The transaction reflects Family Resource’s ongoing strategic plans for market share growth, industry consolidation and geographic expansion. With nine established locations across Washington and Idaho, Family Resource is already the largest independent homecare agency based in the Pacific Northwest and one of the largest in the United States.
“We are looking forward to partnering with Great Point, who bring additional expertise and financial backing to help execute on our vision to expand our services,” said Jeff Wiberg, Family Resource Home Care CEO. “The COVID-19 crisis has further revealed both the fragmentation and the opportunities within the homecare industry. Many smaller agencies are finding it even more difficult to operate without the scale needed to navigate these types of crises,” he said. “Our model has long been to be a leader in homecare, both by broadening its positive impact on the health care continuum and by advancing consolidation efforts that provide scale and efficiency to make care affordable to the vulnerable populations we serve.”
“The non-medical homecare industry represents a significant growth opportunity, given the millions of Americans who will need support to age in place” said Rohan Saikia, Managing Director at Great Point Partners. “We considered dozens of homecare agencies for potential investment, but none compared to the quality of Family Resource. We are excited to help them increase the number of clients who benefit from their services, while also advancing a solution for ever-rising health care needs and costs in this country.”
As the baby Boomer generation ages, the number of Americans over 65 is projected to almost double during the next few decades. Over 50% of seniors will need long-term care support as they age. Demand for custodial care is also being driven by increases in the instances of Alzheimer’s and dementia disease, as well as seniors with no familial support due to living alone, divorce or adult children living further away. Family Resource Home Care plans to meet these demands by expanding their reach, which now numbers over 850 employees serving more than 1,000 clients and their families.
Family Resource Home Care provides services that include but are not limited to personal care such as bathing, dressing and help with medications, meal planning and preparation, light housekeeping, companion care, dementia support and end-of-life, transitional and respite care. The company empowers clients to remain independent and increase support as their needs increase. It has enjoyed many industry honors including best places to work and client satisfaction awards.
“Our company culture of excellence and dedication to our mission have driven our success,” said Wiberg. “With Great Point in place, we will be able to consider additional partnerships and acquisitions with other home care organizations that share our values. We anticipate, and welcome, inquiries from like-minded agencies that wish to explore a collaborative vision of growth in the communities we currently serve and beyond.”