MIAMI, FL – (April 30, 2007) Boyne Capital Partners, LLC (“Boyne”) announced that it has acquired a majority stake in Family Private Care, Inc. (“FPC” or the “Company”).
Family Private Care, Inc. (“FPC” or the “Company”) is a state-licensed Nurse Registry operating in Southeast Florida. As a state-licensed Nurse Registry, FPC specializes in acting as a liaison between individual patients and nurses, nursing assistants, home health aides, companions and homemakers for services in the patients’ home. Each individual healthcare worker is an independent contractor and is not a direct employee of FPC. Currently, FPC manages a network of over 700 caregivers, serving approximately 300 clients.
The Company provides both medical and non-medical services, which range from assisting with basic housekeeping and personal care tasks to providing 24-hour nursing care. FPC competes on the quality of its services, availability of caregivers and reputation. Since its founding in 1997, the Company has earned a reputation for being the reliable, trustworthy, top quality and cost-competitive caregiver to families’ loved ones. FPC is located in Hobe Sound, Florida and has built a leading market presence in four counties: Martin, Palm Beach, St. Lucie and Indian River.
Over the past three years, the Company has grown its revenue at a compounded annual rate of 9%. At the same time, FPC improved its EBITDA margin from 15.9% in 2005 to 18.5% during the TTMs ended April 30, 2007. This growth has been driven primarily by the growth of the Company’s client base.
About Boyne Capital Partners, LLC:
Boyne Capital Partners is a Miami, FL based private equity firm. Co-founders Derek McDowell and Jim Malone have decades of knowledge in diversified industries including professional services businesses and companies servicing government clients. Boyne Capital Partners creates shareholder value by providing capital and management assistance to lower middle market companies. Boyne currently manages over $70 million of equity capital.