NEW YORK (October 26, 2021)—Wellspring Capital Management, a leading private equity firm headquartered in New York, announced that it has partnered with management to complete the acquisition of Caring Brands International, Inc. (CBI). Terms of the transaction were not disclosed.

Tracing its heritage back to 1966, CBI is a leading franchiser of home health care services under three global brands: Interim HealthCare (in the United States), Bluebird Care (in the United Kingdom and the Republic of Ireland) and Just Better Care (in Australia). Together, the CBI brands represent 550 locations operated by more than 250 franchise owners and operators that produce over $1.3 billion of system-wide sales annually. The company's franchisees and operators are uniquely positioned in their respective markets to offer the full continuum of health care at home including skilled nursing, home health, assistance with daily living activities and end-of-life hospice care along with health care staffing. Caring Brands is headquartered in Sunrise, Florida.

"We are honored that Wellspring chose to invest in our organization. As we have witnessed over the past year and throughout 2021, the demand for delivering high-quality home-based healthcare services has never been more essential," said Jennifer Sheets, president and CEO of Caring Brands International and Interim HealthCare Inc. "As the leader in the homecare industry, we at CBI are excited to be a part of the Wellspring family. We believe we are uniquely positioned for continued outsized growth and through this partnership, we will be able to help even more patients and clients obtain the quality care they need in the preferred and most efficient and effective site of care: their home."

CBI is the twelfth investment from Wellspring Capital Partners Fund V, L.P., a $1.45 billion vehicle raised in January 2018.

"We have been strong advocates of high-quality home-based care providers that enable seniors, individuals with medically complex care needs, and others with disabilities to live independently in their homes,” said Naishadh Lalwani, partner at Wellspring. “CBI and their franchisees and operators have developed a stellar reputation of empowering individuals to live life on their own terms and we are excited to partner with Jennifer and team to continue to grow that mission."

"We are thrilled to add CBI to the Wellspring portfolio. CBI is a perfect fit with our history of investing in care in and around the home and we are excited to support the next phase of growth for the Company and its market-facing brands," Alexander Carles, Co-President of Wellspring Capital said.

Financing for this transaction was provided by Adams Street Partners, Blackrock, Madison Capital and AEA Investors. McDermott Will & Emery LLP served as legal counsel and Houlihan Lokey served as financial advisor to Wellspring. Lincoln International served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to CBI with respect to the transaction.

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