Private Duty M&A | TEAM Services Acquired by General Atlantic (~11.5x EBITDA)
- Will Hamilton
- Jan 15
- 2 min read
Updated: Apr 21
In January 2026, General Atlantic, a leading global growth equity firm, completed its acquisition of TEAM Services Holding, Inc., one of the largest providers of Medicaid-funded personal care and consumer-directed home care services in the United States, in a transaction valued at approximately $3 billion. Financial details were disclosed in bond rating reports from S&P Global Ratings and Fitch Ratings published in connection with financing for the transaction.
TEAM Services is a managed care-oriented personal care services company that operates under a consumer-directed model, enabling Medicaid recipients to select and manage their own caregivers—often family members or friends. The company operates across multiple states and serves tens of thousands of Medicaid beneficiaries with home and community-based services (HCBS). According to the rating reports, TEAM Services generates annual revenue of approximately $2.4 billion with a 10% adjusted EBITDA margin, reflecting the efficiency characteristics of its technology-enabled, consumer-directed delivery model.
For General Atlantic, the investment reflects conviction in the long-term demographic tailwinds driving demand for home and community-based alternatives to institutional care. Rating agencies project organic revenue growth in the low- to mid-single digit range in FY26 through FY28, supported by Medicaid enrollment trends, state-level HCBS expansion initiatives, and the company's strong managed care relationships.
Personal Care / Home-Based Services EBITDA Multiples
According to bond rating research, the transaction occurred at 11.5x EBITDA. TEAM Services generates revenue of $2.4b at 10% EBITDA margins. Organic growth expected in the low- to mid-single digits in FY26–FY28.
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Other Home-Based Services Deals
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The Scope Research Healthcare M&A Valuation Database currently has financial details related to over 140 home-based services deals, including personal care and private duty segments, with the majority including disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
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