HouseWorks, LLC, the leading private-pay home care company serving the greater Boston area, announced today that RAB Ventures (HW), LLC has acquired a majority interest in the company. Founded in 1999, HouseWorks is among the largest single-site private-pay home care companies in the country. Founder Andrea Cohen will continue to run the Company as Chief Executive Officer and will maintain a significant equity interest in the company. RAB Ventures is led by Richard A. Barasch, Tony L. Wolk and Gary M. Jacobs, veteran healthcare industry executives who have extensive experience working with seniors to keep them healthy and improve the quality of their lives.
As part of the transaction, RAB Ventures will provide HouseWorks with additional capital to accelerate its growth while staying true to its mission of transforming the way care is delivered to seniors at home.
Andrea Cohen commented: “Our vision at HouseWorks has always been to create new options for families who want to think differently about every aspect of their home care experience. Aligning with RAB Ventures will enable us to provide high touch service delivered through a technology-based platform that can be scaled in new markets. The wealth of expertise that Richard and his team bring to the table will enable us to build on our core belief that the ‘system’ should meet its clients’ needs…not the other way around.”
Tony Wolk commented: “We are thrilled to be partnering with Andrea and the talented and dedicated team at HouseWorks. As the population ages, many seniors are looking for technology-enabled solutions to allow them to live comfortably and safely at home. HouseWorks’ solid operational infrastructure and deep industry expertise makes it an ideal platform to grow and expand the scope and geography of the enterprise, whether through acquisition, joint venture or other strategic relationships.”
Terms of the transaction were not disclosed.
HouseWorks is a Boston-based private-pay home care business that is committed to a reimagining of what it means to age at home. For almost two decades, HouseWorks’ fundamental innovation has been an entrepreneurial approach to service delivery that returns a sense of control to adult children and their parents.
About RAB Ventures
Following the sale of Universal American Corp. in 2017, Richard Barasch has been identifying opportunities to improve the quality of healthcare, especially for seniors. RAB Ventures has now made four investments that fit this theme. Tony Wolk, who was a senior executive at Universal American, and Gary Jacobs, who has more than 35 years of experience in long term care, are joining Mr. Barasch in the HouseWorks investment, with Mr. Wolk also joining the HouseWorks management team.
Copyright Business Wire 2018