Homewatch International, Inc. Purchased by Authority Brands, LLC Backed by PNC Riverarch Capital
September 14 2017 - 2:00PM
Business Wire
Acquisition means new capital to further
franchise operations and quality care across the globe
Denver-based Homewatch International, franchisor of Homewatch
CareGivers, has been acquired by Authority Brands, LLC backed by
PNC Riverarch Capital. Homewatch CareGivers is a premier provider
of home care for people of all ages and today has more than 200
franchise locations in seven countries.
PNC Riverarch Capital is a private equity partner interested in
helping facilitate Homewatch International’s growth and expanding
its international brand. “In PNC Riverarch Capital we have found a
private equity partner that brings exceptional business experience
that will truly elevate our brand and further our mission of
providing quality in home care internationally,” said Julie R.
Smith, Chief Executive Officer of Homewatch International. “This
acquisition will take Homewatch International to the next phase of
growth as we endeavor to improve our market share and strengthen
our position within the continuum of care.”
The partnership was driven by favorable home care franchise
industry trends, the strength of Homewatch International’s results
and the potential to expand unique, quality care primarily to the
growing aging population. Consider the following:
- By 2030 one in five Americans will be
65 or older
- The number of Americans 65 or older is
projected to more than double by 2060: today that population is 46
million by 2060 it will be 98 million
- The Baby Boom generation could fuel a
75 percent increase in the number of Americans requiring nursing
home care
- Nearly 1.3 million jobs within the home
care field will be added through 2020
- Those working in home health care will
see a 69 percent growth through 2020, while those in personal care
aide positions will see a 70 percent growth
PNC Riverarch Capital brings the needed experience, capital and
investment portfolio to take Homewatch International operations to
the next level. “This investment in Homewatch International is
based on many factors including the company’s personalized care
philosophy, the organizational commitment to the people they work
with and care for, as well as the foundation for accelerated
growth,” said Andrew Wiechkoske, Principal of PNC Riverarch
Capital.
“This partnership just made sense from a business standpoint,”
Wiechkoske said. “We look forward to merging our practices and
values to strengthen Homewatch CareGivers’ domestic and
international footprint.”
About Homewatch CareGivers
Founded in 1980, Homewatch CareGivers delivers a variety of
person-directed, professional at-home services including elder
care, care for individuals with developmental and physical
conditions, after-surgery care and help for those living with
dementia.
With a significant leadership presence at the national level
through Home Care Association of America (HCAOA) and the National
Quality Forum, the Homewatch CareGivers mission is to provide
best-in-class care, to serve as a vital part of the continuum of
care, and to provide the support franchisees and caregivers need to
find success and make a difference in their communities.
About Authority Brands
Headquartered in Columbia, Maryland, Authority Brands, LLC is
the parent company of two leading home service franchisors, The
Cleaning Authority and Homewatch CareGivers. Together, these brands
provide recurring home services through more than 300 franchise
locations in the U.S., Canada and Latin America. Authority Brands
is dedicated to supporting individual franchisee growth through
providing strong marketing, technology and operational support.
About PNC Riverarch Capital
PNC Riverarch Capital is a middle-market private equity firm
that invests in privately-held companies headquartered throughout
North America. Their investment philosophy is rooted in the belief
that building great companies requires a long-term view and a
flexible investment strategy. They invest across a variety of
industry sectors, including value-added distribution, specialized
manufacturing, business and industrial services, software, and
tech-enabled services. PNC Riverarch Capital is an affiliate of The
PNC Financial Services Group, Inc. and represents PNC's continued
dedication to serving the middle-market. Since 1982, PNC Riverarch
and its predecessors have provided equity capital to over 100
companies.
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Homewatch InternationalJulie R. Smith,
800-777-9770jsmith@hwcg.com