CHICAGO, Aug. 15, 2018 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to sell GreatCall, Inc. ("GreatCall" or the "Company") to Best Buy for cash consideration of $800 million.
Headquartered in San Diego, California, GreatCall is the leading provider of connected health and personal emergency response services (PERS) for active aging, serving over 900,000 subscribers across the United States. GreatCall's product offering includes senior-friendly hardware combined with one-touch connectivity to trained agents who can answer questions, dispatch emergency personnel, connect to family caregivers and provide additional concierge services.
In executing The Leaders Strategy™, GTCR partnered with long-time industry leader David Inns to acquire GreatCall. GTCR's approximate twenty year history of investment in consumer health, safety and security services helped it to immediately appreciate GreatCall's best-in-class value proposition and efficiency. GreatCall is GTCR's fourth investment in the consumer health, safety and security space.
Mr. Inns has led the Company for more than a decade and grown the business from a startup to the leader in connected health for active aging. GreatCall's proprietary product offering and history of innovation have created a strategically valuable business within the large and growing markets of technology and services for seniors. Partnering with Best Buy is a strategic fit that will provide GreatCall access to Best Buy's distribution capabilities and recent investments in health-related initiatives focused on the aging population.
"We have great admiration for GreatCall. David Inns and the entire team have built a tremendous platform with unique products and services that allow seniors to remain independent longer," said GTCR Managing Director David Donnini. "David and the team have been excellent partners for GTCR and we would like to extend our thanks and best wishes to the entire GreatCall organization as they continue their growth with Best Buy."
"We'd like to thank GTCR for their commitment and support," said David Inns. "GTCR has been a great partner, and we are excited to continue supporting our customers with innovative solutions as a part of Best Buy."
Dean Mihas, Managing Director at GTCR, added: "GreatCall is a truly exceptional company with a proven track record of providing critical connected health services to seniors and their caregivers. We believe the Company is well positioned to continue its success as part of Best Buy."
The transaction is expected to close in the third quarter of 2018.
Raymond James served as financial advisor and Kirkland & Ellis LLP served as legal advisor to GreatCall and GTCR.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Growth Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com.
GreatCall is the leader in connected health for active aging. With health and safety solutions for older adults and their family caregivers, GreatCall's innovative suite of easy-to-use mobile products and award-winning approach to customer care helps aging consumers live more independent lives. Products and services include: Lively Mobile, Jitterbug Flip, Jitterbug Smart, Lively Wearable, Lively Home and health, safety and wellness apps Urgent Care, GreatCall Link, MedCoach and 5Star Urgent Response Service. GreatCall's products and services are sold nationwide at leading retailers, as well as direct to consumers at 1-800-296-4993 and online at GreatCall.com. GreatCall is headquartered in San Diego, CA. To learn more, please visit www.GreatCall.com.
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