A Place for Mom
47°37′52″N 122°20′31″W / 47.631012°N 122.341887°W
| Company type | Private |
|---|---|
| Industry | |
| Founded | 10 August 2000 |
| Founders |
|
| Headquarters | , |
Area served | |
Key people | Larry Kutscher (CEO) |
| Services | Senior living referral |
| Revenue | $50 million [1] |
| Owners | |
Number of employees | 874 |
| Subsidiaries |
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| Website | www |
A Place for Mom, founded in 2000, is a privately held,[2] for-profit senior care referral service headquartered in New York, New York.[3] The company provides personal and professional assistance to families in search of senior care options. Their service is free to families. They are paid by the senior living communities and homecare providers on its platform.[4] A majority of the company is owned since August 2017 by equity capital firms General Atlantic and Silver Lake.[5] Insight Partners now owns a minority stake as part of the company's $175M capital raise in January 2022.[4] Previously they used former Good Morning America host Joan Lunden[6] in their advertising.
The Company provides information regarding more than 20,000[7] senior housing and homecare providers to seniors and their families throughout the United States and Canada through a network of local "senior living advisors". It also serves as a marketing tool for the thousands of senior housing communities and homecare providers it refers to. It is the largest such service in North America.[8] In addition, A Place for Mom owns and operates SeniorAdvisor.com, a consumer ratings and reviews site for senior care providers across the U.S. and Canada.
History
[edit]A Place for Mom was founded in July 1999 by Pamala Temple, John Temple, and Brian Trisler.[9] In 2006, A Place for Mom received $9.5 million in venture capital from Battery Ventures.[10] In July 2010 a private equity firm, Warburg Pincus, purchased a majority stake of the company.[11]
In November 2016, A Place for Mom purchased the competing service OurParents, adding 2,500 facilities to its network.[12]
On August 11, 2017, Warburg Pincus sold its majority stake in the company to growth equity firm General Atlantic and technology investment firm Silver Lake.[5] The two firms acquired equal stakes and added two members each to the company's board of directors.[13] Silver Lake added Managing Partner and Managing Director Greg Mondre and Director Adam Karol. General Atlantic added Robbert Vorhoff, managing director and Global Head of Healthcare, and Anton Levy, managing director and Global Head of Internet and Technology. Financial services firm William Blair & Company and law firm Willkie Farr & Gallagher advised A Place for Mom in the transaction.[14] On January 31, 2022, A Place for Mom raised $175 million in its latest round led by Insight Partners. Existing backers General Atlantic and Silver Lake also participated in the round, which valued the company at over $1 billion. They added Eoin Duane, managing director at Insight Partners, to their board.[4]
Business model
[edit]A Place for Mom's service is offered at no charge to families.[4] The company derives its revenue from referrals to facilities and providers within its partner network, including residential care homes, assisted living, and memory care communities, independent senior apartments, and home care services.[15][16]
Litigation
[edit]In December 2017, a class-action lawsuit was brought against A Place for Mom for violations of the Telephone Consumer Protection Act, alleging that the service did not adequately inform users of or receive written consent for the use of robocalling as part of its services. The parties reached a $6 million settlement in September 2019, but a Washington district court rejected it for not being based on "clearly defined objective criteria".[17][18]
References
[edit]- ^ Cook, John (24 August 2007). "Seattle's A Place for Mom finds a home with Warburg Pincus". Puget Sound Business Journal. Retrieved 1 June 2017.
- ^ "A Place for Mom Sells Majority Stake to Warburg Pincus". 2010-07-09. Archived from the original on 16 July 2010. Retrieved 2010-07-16.
- ^ "A Place for Mom Headquarters | Comparably". Comparably. Archived from the original on 2022-02-22.
- ^ a b c d "Insight Backs Silver Lake and General Atlantic's A Place for Mom". Bloomberg.
- ^ a b "Term Sheet — Thursday, July 6". fortune.com. Archived from the original on 2017-07-06. Retrieved 2019-09-16.
- ^ "Joan Lunden and A Place for Mom". People magazine. Retrieved 2021-06-20.
- ^ Julia Anderson. "Silver Dollars: Entrepreneurs Seize Opportunities Presented by Aging Boomers". Seattle Business. Retrieved 2017-06-01.
- ^ Kurt Schlosser (18 October 2016). "Tech Moves: General Assembly names marketing, revenue officer in Seattle; Qualtrics adds Microsoft vet as COO; and more". GeekWire. Retrieved 2017-06-01.
- ^ John Cook (9 February 2006). "Venture Capital: Service finds its place serving elderly". Seattle PI. Retrieved 2017-06-01.
- ^ John Cook (10 February 2006). "A Place for Mom score $9.5 million". Seattle PI. Retrieved 2017-06-01.
- ^ Thea Chard (9 July 2010). "A Place for Mom Sells Majority Stake to Warburg Pincus". XConomy. Retrieved 2017-06-01.
- ^ Lois A. Bowers (3 November 2016). "A Place for Mom adds OurParents brand to portfolio". McKnight's Senior Living. Retrieved 2017-06-01.
- ^ Bowers, Lois A. (July 6, 2017). "A Place for Mom is sold to new investors". Retrieved 13 September 2017.
- ^ Nelson, Mary Kate (July 5, 2017). "A Place for Mom Sold to New Private Equity Owners". Retrieved 13 September 2017.
- ^ "State gets tough on referrals for elder care". The Seattle Times. 2011-04-20. Retrieved 2019-08-29.
- ^ "The marketing of home care shifts into high gear". Star Tribune. Retrieved 2019-08-29.
- ^ "Robocall Class Settlement Worth $6 Million Denied Initial Nod". Bloomberg Law. Retrieved 2019-12-11.
- ^ "A Place for Mom agrees to settle lawsuit for $6 million". McKnight's Senior Living. 2019-08-28. Retrieved 2019-12-11.