Firmament — a New York-based investment management firm — has invested in Family Tree Private Care.
“It was really important to [CEO] Alex Bonetti and I to find a debt partner who was well regarded in the health care industry and aligned with our vision for transforming the aging experience in private care,” Daniel Gottschalk, president of Family Tree Private Care, told Home Health Care News. “Firmament has proven to be the ideal growth partner to allow us to stay privately owned by Alex and I while we continue to grow and positively influence our community.”
Family Tree offers concierge-level caregiving, private nursing and care management services throughout Texas and Colorado. Last year, the company rebranded and began operating under its current name.
In 2021, Family Tree acquired Evergreen Private Care of Houston and HomeCare of the Rockies.
Firmament’s investment will mainly fuel Family Tree’s M&A efforts. So far, Firmament has already funded two acquisitions this past December – RedBud Homecare Services in Austin, Texas and Professional Caretakers in Dallas, Fort Worth, Granbury and Weatherford, Texas.
“We have executed additional letters of intent, and have additional deals in our pipeline,” Gottschalk said. “Firmament is helping us by serving as a strategic advisor and funding M&A activity and other growth initiatives for the company.”
In terms of M&A, the Texas and Colorado markets are Family Tree’s key areas of focus in the near term.
“We’re looking to build a private care business of great depths in those two markets, and we’re less about breadth and more about depth, with a full service line, which for us means a comprehensive service line of private-pay services, including private nursing, professional caregiving and geriatric care management,” Gottschalk said. “Those three service lines are our bread and butter.”
Moving forward, Gottschalk acknowledged it’s important to grow both organically and through acquisitions.
“Both of them are equally important parts of the strategy, and we can not rely on only one prong to be successful,” he said. “We really need both organic growth and M&A to be firing in order for us to meet our objectives.”
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