It’s the end of an era for A Place for Mom (APFM).
The company’s previous investor, Warburg Pincus, is selling the senior living referral service for an undisclosed price to global growth equity firm General Atlantic and technology investment firm Silver Lake, both of which will own equal stakes in the Seattle-based company once the deal is complete, according to a July 5 press release.
Other terms of the transaction were not disclosed.
Current APFM CEO Sean Kell will continue to lead the company post-acquisition, according to the press release. Additionally, Silver Lake Managing Partner and Managing Director Greg Mondre, Silver Lake Director Adam Karol, General Atlantic Managing Director and Global Head of Health Care Robbert Vorhoff, and General Atlantic Managing Director and Global Head of Internet & Technology Anton Levy, will join APFM’s board of directors.
“A Place for Mom provides both families and the senior care community with a valuable service, differentiated by its powerful technology platform and data-driven approach,” Mondre stated in the press release. “We look forward to working with General Atlantic to build on these strengths by helping A Place for Mom execute its important mission and expand its capabilities as the trusted network for senior care.”
William Blair & Company and Willie Farr & Gallagher advised APFM with respect to the transaction.
Going forward under General Atlantic and Silver Lake, APFM plans to make additional investments in its technology platform, including advanced data collection and analytics, as well as cloud-based initiatives.
A few months ago, APFM entered into a strategic relationship with Move, Inc., under which all of the senior housing listings on APFM will also appear on SeniorHousingNet.com.
APFM currently connects families to a network of more than 18,500 senior housing providers in the United States and Canada. However, providers have expressed mixed feelings about working with the gargantuan referral service. For example, Five Star Senior Living, one of the nation’s largest providers, has slashed its number of move-ins originating from APFM in recent quarters, in an attempt to save money on referral fees.
Written by Mary Kate Nelson