MIAMI, Oct. 2, 2019 /PRNewswire/ -- Boyne Capital ("Boyne"), a Miami, FL based private equity firm focused on small and mid-sized companies, announced today the sale of their portfolio company, AmeriBest Home Care ("AmeriBest" or the "Company") to TEAM Services Group, a portfolio company of Alpine Investors. Boyne acquired AmeriBest in 2017.
AmeriBest, a Philadelphia-based home care business, is a top-5 provider of home and community-based services for clients participating in the Medicaid and government-sponsored health plans in Pennsylvania. The Company enables its patients with chronic health conditions to age comfortably in their homes with a care plan that is facilitated by local caregivers and certain qualified family members. Using a technology-forward approach to care management, AmeriBest deploys a large base of caregivers to many of the underserved communities in the Philadelphia metro market.
Omar Khanataev, CEO of AmeriBest, commented, "We are very excited about this new chapter in the development of AmeriBest and view this transaction as affirmation of our growth and business plan. We are very appreciative of Boyne's support and guidance which enabled us to more than double the size of the business in the two and a half years since we began working with them. Together with Boyne's investment and operations teams, AmeriBest made significant investments in people and technology. The Company was able to capitalize on a growing market in Metro Philadelphia and become a leader in the industry. Having a strong equity partner enabled us to undergo massive changes in systems, branding, operations and personnel, all while driving significant growth."
Derek McDowell, Boyne's Managing Partner and CEO, said "Omar and his team exemplified the attributes we look for in management teams. We love to invest in emerging businesses with young and dynamic operators. When we were introduced to the team in 2016, we immediately saw the potential as a platform for significant growth, given their desire to have an equity partner who could bring more to the table than just capital. This transaction fit our thesis on the evolution of health care to a lower-cost method of delivery, and the team showed an intense desire to be the leading provider in Pennsylvania. This transaction is a tremendous outcome for all shareholders, and we wish the team continued success."
Adam Herman, Boyne's COO, added "In our portfolio companies, we employ an intensive strategy to build robust organizations through capital investment, institutionalized procedures, and development of key managers. Omar and his team demonstrated a unique ability to execute on their strategic objectives while growing the business at a historic pace. Currently, AmeriBest has a leading IT-platform, strong bench of managers, and the market presence to be a premier healthcare provider throughout markets in Pennsylvania and beyond. We are very appreciative of the hard work of the whole management team, including Brian Ko, the CFO, and Sam Kavtarian, the VP of Care Experience."
Lincoln International served as the financial advisor to AmeriBest.
About Boyne Capital
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners and shareholders' partial or full exit. Contact Jonathan Cohn at email@example.com or 786.539.2246 with inquiries related to the sale.
SOURCE Boyne Capital