Capstone Headwaters advises TEAM Services Group on the Placement of financing for Add-On acquisition

Capstone Headwaters is pleased to announce the closing of a senior secured credit facility for TEAM Services Group (“TEAM” or the “Company”), the proceeds of which were used to help finance their latest add-on acquisition and to refinance existing debt.  The terms of the new credit facility were not released.

Based in San Diego, the Company is a leading provider of household employment and non-medical home care solutions, with a focus on allowing clients to choose their own caregivers. As part of this transaction, TEAM acquired AmeriBest Home Care (“AmeriBest”), a market-leading home care agency providing Home and Community-Based Services in the Greater Philadelphia area through Pennsylvania’s managed Medicaid program.  AmeriBest will be combined with TEAM’s Public Choices division, adding considerable scale, diversity, and access to the large home care market in Pennsylvania. 

TEAM was acquired in 2015 by Alpine Investors, a San Francisco-based private equity firm (the “Sponsor”) who has subsequently completed seven add-on acquisitions (including the latest acquisition financed via this transaction) as part of a larger acquisition-focused growth strategy.  Capstone Headwaters worked closely with the Sponsor and TEAM on all aspects of the financing, helping to structure, arrange, and negotiate the debt facility.

Dan Sanner, Partner at Alpine Investors, commented

“We are excited to have closed upon such a favorable credit facility and look forward to working with our new lender group to support our continued growth at TEAM. We are also very pleased with Capstone’s execution and the favorable outcome of the debt financing process as they introduced us to a number of strong institutional lenders and provided us with strategic advice throughout the entire transaction process.”

Kent Brown, Managing Director at Capstone Headwaters in their Debt Advisory Group, said 

“TEAM and its subsidiaries received significant interest from prospective lenders in the market who were generally attracted to the stable demand and recession-resistant nature of its industry, the Company’s leading market positions, strong management team and significant reoccurring revenue resulting from the long-term needs of beneficiaries. The financing provides the Company with experienced capital partners that are able to support the continuation of Alpine’s acquisition-focused growth strategy and we are delighted to have played a part in supporting their continued success.”