International law firm McDermott Will & Emery represented Wellspring Capital Management LLC, a leading private equity firm headquartered in New York, in connection with its acquisition of Caring Brands International, Inc. (CBI), the leading franchisor of home healthcare services under three global brands—US-based Interim HealthCare, UK-based Bluebird Care and Australia-based Just Better Care. The CBI brands represent 550 locations operated by more than 250 franchise owners and operators that produce over $1.3 billion in sales annually.
- This transaction was announced on October 25, 2021.
- McDermott Will & Emery acted as legal counsel to Wellspring Capital Management.
- McDermott’s representation also included acquisition financing in the form of term loan and revolving commitments, with Adams Street Credit Advisors LP and Madison Capital Funding LLC serving as Joint Lead Arrangers and Joint Bookrunners. Adams Street also serves as Agent.
- CBI is the twelfth investment from Wellspring Capital Partners Fund V, L.P.
- The McDermott corporate team was led by Frank Steinherr, James Parry, Cristy Delgado, Nate Barnett and Graciany Miranda and included Daniel Zucker, Todd Solomon, Debra Harrison, RayJacobsen, Gary Karch, Sharon Lamb, Jennifer Mikulina, Michelle Strowhiro, Arvin Abraham, Vanessa Barmack, Sarah Kitchell, Paul McGrath, Scott Regan, Carol Spink, Daphne Trotter, Gregory Weigland, Eleanor Atkins, Deepali Doddi, Noah Feldman Greene, Sanjeet Johal, Leon Jun, Nicolas Jupp, Marissa Krumm, Simon Margesson, Bella North, Jennifer Saperstein, Sarah Schanz, David Stage, Rick Stepanovic, Justine Wadhera and Sophie Wood. The McDermott finance team was led by Anh Lee and Jared Bryant and included Andrea Ruiz, David Stage and Atoosa Nowrouzi.
- McDermott has previously represented Wellspring in several transactions including most recently the acquisition of Pentec Health; acquisition of HealthPRO Heritage; acquisition of Cadence Petroleum Group; sale of its portfolio company Help At Home LLC to Centerbridge Partners; acquisitions by its portfolio company Center For Diagnostic Imaging (dba RAYus, Inc.) of Diagnostic Centers of America, Sand Lake Imaging, U.S. MRI, and Smart Choice MRI, respectively; acquisition of Paragon Films; acquisition of Lucky Strike Entertainment LLC; and acquisition of Center For Diagnostic Imaging (dba RAYus, Inc.).
- Read Interim HealthCare’s press release here.
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