WCAS finances InnovAge conversion to for-profit

Private equity firm Welsh, Carson, Anderson & Stowe agreed to provide financing to InnovAge, a senior care company with locations in Colorado, New Mexico and California, which is converting from nonprofit to for-profit. Net proceeds from the sale of InnovAge assets—$196 million, plus a potential $8 million earn out in 2018—will be used to fund The NextFifty Inititive, a Colorado elder care foundation.

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