WCAS Finances InnovAge Conversion to For-Profit

May 17, 2016

Private equity firm Welsh, Carson, Anderson & Stowe has agreed to provide financing to InnovAge, a Program of All-Inclusive Care for the Elderly (PACE®), which is converting from nonprofit to for-profit. InnovAge has locations in California, Colorado and New Mexico.

"During my tenure at the Centers for Medicare & Medicaid Services (CMS) and in the private health care sector, I've become a huge advocate of the PACE model," said Thomas Scully, general partner at Welsh, Carson, Anderson & Stowe. "It is the best way to care for frail seniors, but it has received little attention and grown very slowly due to limited access to new capital. Our goal is to provide the resources needed to build upon InnovAge's strong foundation so the management and front-line staff are able to provide this wonderful set of services to more seniors in more cities."

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