GGC to Invest in Accurate Home Care, LLC
FOR IMMEDIATE RELEASE
Milwaukee, WI – November 3, 2014 – Generation Growth Capital, Inc. (“GGC”), a private equity firm that invests in lower middle market companies, announced today that it has invested in Accurate Home Care, LLC (“AHC”).
Headquartered in Otsego, Minnesota (greater Minneapolis area), Accurate Home Care provides comprehensive home health care services to patients of all ages and care requirements. AHC adheres to its philosophy of partnering with health care organizations, listening to patients and their families, and committing to employ only the most skilled, compassionate staff. By doing this, AHC strives to be the best fit for clients who require up to round-the-clock, long-term care. AHC has grown to include nine regional offices serving Minnesota, Iowa and Illinois. It provides more than two million service hours to its patients every year. AHC provides a range of Medicaid, Medicare and private pay services such as private duty nursing, personal care assistance, home health aide, and mental health, among other health services.
AHC’s senior management team seamlessly will continue to operate the business following the transaction. Amy Nelson, who founded AHC in 2002, will remain CEO of AHC. Ms. Nelson will retain a significant portion of the ownership. Ms. Nelson commented, “We went through an extensive search process to find the best partner for Accurate Home Care who would help us continue to grow. It was important that we find a partner who understood and supported our existing team and core values. We believe Generation Growth Capital will be a great fit for us. I am thrilled to be partnering with them.”
John Reinke, a managing director of Generation Growth Capital, commented, “We have been working with the AHC management team for over eighteen months. We are impressed with the business that Amy and her management team have built. AHC has a best-in-class reputation in its served markets. AHC puts its clients first. AHC leads with integrity and customer service, which gives them a competitive advantage in the market.”
Cory Nettles, a managing director of Generation Growth Capital, added, “When you look at taking costs out of the health care industry, home health care is a key component of that. AHC is a leading company in this industry with a strong management team that allows us to capitalize on this trend. We are excited to partner with the management team and build on the AHC platform through a number of growth initiatives.”
Senior financing was provided by Anchor Bank. Mezzanine financing was provided by Exmarq Capital Partners. Terms of the transaction were not disclosed.
About Generation Growth Capital Fund II, LP
Generation Growth Capital Fund II, LP is a Milwaukee-based private equity firm focusing on investments in small businesses to support ownership transition and growth opportunities. GGC recognizes the unique challenges and opportunities associated with small company investing. By partnering with solid management teams, GGC adopts a proactive, collaborative approach that builds the businesses in which they invest. Please visit www.generationgrowth.com for more information.
About Accurate Home Care, LLC
Headquartered in Otsego, Minnesota, Accurate Home Care provides comprehensive home health care services to patients of all ages and care requirements. Accurate Home Care strives to be the best fit for clients who require up to round-the-clock, long-term care by adhering to its philosophy of partnering with health care organizations, listening to patients and their families, and committing to employ only the most skilled, compassionate staff. Since its establishment in 2002, the privately owned company has grown to include nine regional offices serving Minnesota, Iowa and Illinois and provides more than two million service hours to it patients every year. Please visit www.accuratehomecare.com for more information.
Contacts
On behalf of Generation Growth Capital Fund II, LP:
John Reinke, Managing Director Generation Growth Capital, Inc. jreinke@generationgrowth.com | (414) 291-8915
On behalf of Accurate Home Care, LLC
Amy Nelson, Founder and CEO Accurate Home Care, LLC amynelson@accuratehomecare.com| (763) 633-3800