Novacap has acquired a majority interest in Spectrum Health Care LP, investing alongside Spectrum’s existing management team. Financial terms were not disclosed.
Spectrum Health Care has been backed by Clearspring Capital Partners since February 2012 when Clearspring, formerly known as Callisto Capital, acquired Spectrum Health Care.
Toronto based Spectrum offers a range of client-centered health care solutions which include home care nursing, personal and home support, physiotherapy, foot care and corporate wellness.
Novacap plans to continue to invest in the company’s growth and help it expand throughout Ontario.
photo credit: Spectrum Health Care, Clearspring
News Release
Novacap acquires interest in Spectrum Health Care
TORONTO, July 15, 2019 /CNW Telbec/ – Novacap, a leading Canadian private equity firm, today announced it is acquiring a majority interest in Spectrum Health Care, a top provider of innovative home health care services in Ontario, investing alongside Spectrum’s existing management team. Spectrum offers a range of client-centred health care solutions which include home care nursing, personal and home support, physiotherapy, foot care and corporate wellness. Their motto “Always with you”, is a testament to their dedication to provide clients with exceptional health services that are personalized, flexible, accountable and reliable. Novacap plans to continue to invest in the company’s growth and help it expand throughout Ontario. Novacap sees tremendous growth potential in Spectrum and will work with management to strengthen Spectrum’s position as a market leader in Home Care in Ontario.
“The team at Spectrum Health Care has industry leading experience in healthcare and home care, helping to reduce hallway medicine and providing the highest level of care for clients in the comfort of their own home.” says Marc Paiement, Senior Partner – Industries, at Novacap. “We firmly believe that the management team at Spectrum, is the best team in the industry, and that blending Spectrum’s expertise and focus with that of Novacap, will enable Spectrum Health Care to drive growth, expand their service offerings and continue to be the preferred home care solution in Ontario. This partnership will allow us to explore various strategic opportunities to expand Spectrum’s current capabilities and geographic reach. We are all very enthusiastic about this chance to work with this caring and dynamic company.”
Lori Lord, President and CEO, Spectrum Health Care, adds: “Spectrum Health Care is proud to be joining forces with a strategic partner of the calibre of Novacap to propel our company to the next phase of its growth. For over 40 years we have been providing home care services to Ontarians with an unsurpassed service delivery quality. We will continue this focus while finding new and innovative solutions to help keep our clients in their home, while delivering the highest standard of care.”
About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with $3.2 billion of assets under management. It’s distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 37 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. The company has offices in Toronto and Brossard, Quebec. For more information, please visit www.novacap.ca.
About Spectrum Health Care
Spectrum Health Care is a leading provider of innovative home health care services, offering nursing, personal and home support, physiotherapy, corporate wellness, non-urgent patient transfer, senior companionship and event medical services. Headquartered in Toronto, Ontario, Spectrum Health Care has proudly been serving the Ontario community for over 40 years and is committed to providing clients with seamless services through its Total Care model. For more information, please visit: www.spectrumhealthcare.com
SOURCE Novacap Management Inc.