Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement to acquire AccentCare, Inc., a nationwide leader in post-acute healthcare, from private equity firm Oak Hill Capital Partners (“Oak Hill“). Financial terms of the transaction were not disclosed.

“AccentCare is a terrific platform that is setting the standard for high-quality home and community-based healthcare,” said Carmine Petrone, Managing Director at Advent. “In partnership with the talented AccentCare management team, we see numerous avenues to use its industry-leading infrastructure to expand into new service areas and offer additional clinical capabilities, which will enable the Company to care for more patients in partnership with physicians, health systems and insurance plans.”

AccentCare is the sixth largest home health platform and the third largest personal care platform in the United States, offering a range of services – from personal, non-medical care to skilled nursing, rehabilitation, hospice care and care management – across 16 states. The company serves health systems, physician practices and managed care organizations, and includes strategic joint ventures and partnerships.

“We are thrilled to partner with Advent and continue AccentCare’s journey to create the most capable home-based care provider platform in the country,” said Stephan Rodgers, Chief Executive Officer at AccentCare. “Our business has demonstrated consistent organic revenue growth and together we will seek to further scale the business while delivering exceptional care to patients and families. We thank Oak Hill for their investment, support and counsel over the last nine years, which has been critically important in getting AccentCare to its current position in the market.”

The $100+ billion home care market is large and growing, as payors, providers and patients increasingly seek home health alternatives to more efficiently and effectively manage outcomes. Advent believes AccentCare is well-positioned to succeed in this environment, given its record of high-quality care, centralized, next-generation operating platform and deep relationships with referral sources. The firm plans to partner with AccentCare to find opportunities to invest in and grow the business, including through strategic acquisitions to expand geographically and build density.

“We are very proud of the great business we have helped build with Steve Rodgers and the senior leadership team at AccentCare,” said Stratton Heath, Partner at Oak Hill. “We are confident that Advent is the right partner to continue building this differentiated, next generation platform, and we look forward to seeing AccentCare improve the quality of more and more lives in the years ahead.”

Advent seeks to build world-class businesses positioned for long-term success, and the firm has significant investment experience in the healthcare industry. Over the past 29 years, the firm has invested $7.0 billion in 42 companies in the sector worldwide. Recent healthcare investments include BioDuro, a leading global life sciences contract research and development organization based in China; Zentiva, a top European generics pharmaceutical company; Deutsche Fachpflege Gruppe, Germany’s largest outpatient intensive care provider; and Syneos Health, Inc. (NASDAQ: SYNH), formerly INC Research Holdings, a U.S.-based global provider of outsourced clinical development and commercialization services to biopharmaceutical companies.

Barclays, Deutsche Bank and RBC served as financial advisors and Ropes & Gray served as legal counsel to Advent International on the transaction. Harris Williams & Co. and J.P. Morgan served as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to AccentCare on the transaction.