A Charleston, S.C.-based location of national aging services company Senior Helpers has acquired hospice provider Lowcountry Companions, also located in South Carolina. Financial terms of the deal were not disclosed.
Senior Helpers, parent company to the Charleston location, is a portfolio company of Altaris Capital, a private equity firm which purchased the senior services company for $125 million in 2016.
“Our acquisition of Lowcountry Companions strategically expands our reach in South Carolina allowing for more growth of in-home and hospice care opportunities, said Amy Petersen-Smith, owner of Senior Helpers of Charleston. “In light of recent events, home-based care is on the front lines of health care and we’re passionate about supporting our community. We are proud to provide a valuable resource to local elders and their family by helping to alleviate the stress associated with caregiving and ensure a better quality of life for families through personalized in-home senior care.”
Senior Helpers operates using a franchise model. Their Charleston franchisee, rather than the parent company, completed the Lowcountry transaction.
Lowcountry provides a range of services including hospice care, home health care and programs to address social determinants of health for seniors to allow them to age in place, including meals and some home maintenance among others. The company services the Mount Pleasant and Charleston, S.C.-regions.
Demographic tailwinds are strong in South Carolina, where 17% of the state’s 5 million residents are older than 65, a percentage that is expected to double by 2030, according to the U.S. Census Bureau.
The state was 16th in the nation in terms of hospice utilization in 2017, with 51% of Medicare decedents electing hospice care in 2017, according to the National Hospice & Palliative Care Organization. Utah has the highest rate of utilization at 59.4%
“Lowcountry Companions’ outstanding reputation and high-quality services will serve Senior Helpers’ objective to ensure a better quality of life for seniors and their families by providing dependable and affordable care,” said Tali Wells, owner and operator of Lowcountry Companions. “[Owner Amy Petersen-Smith] and her team at Senior Helpers bring a wealth of knowledge and commitment, caring and kindness, and years of experience. The combination of companies and complementary offerings will fuel growth, allowing us to help support more seniors in the community, while maintaining best-in-class care.”