Westcove

Westcove Advises 24 Hour Home Care in its Partnership with TEAM Services Group

LOS ANGELES, CA – October 14, 2021 – Westcove Partners, LLC (“Westcove”), an emerging and highly specialized investment bank, today announced that it acted as the exclusive financial advisor to 24 Hour Home Care in its partnership with TEAM Services Group (“TEAM”), a confederation of non-medical home care solutions backed by Alpine Investors. 24 Hour Home Care, 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. Westcove’s deal team included Justin Hand, Managing Director, Abe M’Bodj, Vice President, and Scott Schulkin, Associate.

24 Hour Home Care 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 (adults and children) with I/DD disabilities. As a mission-driven company, 24 Hour Home Care was established on the belief that seniors and those with I/DD disabilities deserve to receive the best possible personal care while living in their own homes, on their terms. Since its founding, 24 Hour Home Care has combined a relentless commitment to providing exceptional client care with an equal devotion to being the employer of choice for in-home caregivers and support staff across its footprint. Within California, 24 Hour Home Care plays an integral role in meeting the needs of individuals with I/DD and their families through its strong relationship with the California Department of Developmental Services and its network of 21 Regional Centers across the state. 24 Hour Home Care offers traditional agency and employer-of-record services and additional financial management services to clients and families and strongly advocates for client self-determination initiatives.

With this partnership in place, 24 Hour Home Care joins TEAM’s umbrella of non-medical home care brands in its TEAM Public Choices network of organizations. 24 Hour Home Care’s caregiver staffing models, as well as its fiscal intermediary services, is positioned to supplement TEAM Public Choice’s presence in such verticals across the United States. 24 Hour Home Care will continue to provide services in its existing markets and, with the help of TEAM, will look to expand such services into new markets.
“At 24 Hour Home Care, we’re committed to impacting people’s lives by providing seniors and individuals with intellectual and developmental disabilities access to the care they need from the comfort of their homes. We believe that TEAM’s partnership signifies true confidence and alignment with our vision and the meaningful growth opportunities that lie ahead,” said David Allerby, CEO and Co-founder of 24 Hour Home Care. “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.”
“We couldn’t be more excited to embark on our partnership with TEAM and couldn’t have found a more intuitive partner who stands for the same values that 24 Hour Home Care exemplifies and has the same passion of putting people first. Special thanks to the entire Westcove team. We founded 24 Hour Home Care 13 years ago and had never raised institutional capital. Westcove’s expertise and deft touch produced an efficient and competitive process that resulted in us finding the best partner for our future,” said Ryan Iwamoto, President and Co-founder of 24 Hour Home Care.
Justin Hand, Managing Director of Westcove, comments, “Westcove was thrilled to advise 24 Hour in this process. 24 Hour Home Care has become one of the leading non-medical home care companies in the country and Alpine and TEAM’s interest in 24 Hour Home Care 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 Services Group the best as they seek to expand into new states and service lines.”

About 24 Hour Home Care

24 Hour Home Care is a trusted in-home care company that provides friendly and reliable home care services to seniors and children with disabilities. 24 Hour Home Care started in 2008 in Los Angeles and has since expanded across California, Arizona, and Texas. By putting people first, striving for excellence, and investing in purposeful innovation, 24 Hour Home Care redefines what it means to care. For more information, visit https://www.24hrcares.com.

About TEAM Services Group

TEAM Services Group provides household employment and home care solutions through its family of companies across the United States. TEAM believes in the value of self-direction – allowing individuals and families to choose the people working with them in their homes – and aims to facilitate choice and independence, delivered with the highest standards of quality and security. TEAM Services Group is comprised of two divisions: TEAM Risk Management Strategies and TEAM Public Choices. TEAM Risk Management Strategies assists fiduciaries with employment-related administration and payroll processing, while TEAM Public Choices is a leading facilitator of caregiver supports for people with disabilities and the elderly, with an emphasis on empowering self-direction and consumer choice.

About Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a CEO program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $2.25 billion eighth fund. For more information, visit http://www.alpineinvestors.com.

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. 

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