DENVER--(BUSINESS WIRE)--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.