H.I.G. Growth Partners Completes Sale of Just Home Healthcare Services
BOSTON – December 6, 2023 – H.I.G. Growth Partners (“H.I.G. Growth”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce the sale of its portfolio company, Just Home Healthcare Services (“JHC” or the “Company”). H.I.G. sold JHC in two parts, selling the Personal Home Care and Adult Day Health business segments in April 2023 and the Group Home and Independent Living Program business segments in October 2023.
H.I.G. acquired JHC from the Company’s founder in January 2017. During H.I.G.’s ownership, JHC established new company leadership with the hiring of a new COO and CFO, strategically expanded Group Home services from one to 11 homes, grew personal home care census hours by 33%, and doubled revenue and EBITDA.
Zhanna Basina, JHC’s founder and CEO, commented, “H.I.G. was an exceptional partner that helped us strategically expand new service lines and improve operational performance. Their team demonstrated deep understanding of the home and community-based services industry, helped us navigate challenges during the COVID-19 pandemic, and made sure that our clients received consistent, high-quality care.”
Mark Tricolli, Managing Director at H.I.G. Growth, added, “I’m incredibly proud of the JHC team’s dedication and expertise. Their commitment to their clients, clinical quality, and operational know-how helped us partner effectively and build a strong company that serves residents across New Jersey.”
Lincoln International LLC and Edgemont Partners served as financial advisors, and McDermott Will & Emery LLP served as legal counsel to JHC in connection with these transactions.
About Just Home Healthcare Services (“JHC”)
Based in Fair Lawn, NJ, JHC is a leading provider of medically-focused adult day health and in‐home personal care services to elderly and intellectually and developmentally disabled clients across the state of New Jersey. The Company’s integrated model of home and community-based healthcare and support services deliver a compelling value proposition to both clients and payors by offering a high-touch, yet low-cost alternative to an institutional setting. JHC operates in a highly fragmented industry, and its growth has been fueled by increasing demand for community-based services that allow clients to remain in their homes, as well as growing support from payors who are trying to better manage costs by reducing or potentially eliminating costly out-of-home placements.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $59 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe, and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise, such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.