Sentinel hits ninth exit on Fund III

Sentinel Capital Partners’ $319m third fund, which is fully invested, completed 15 deals since its launch in 2005.

Sentinel Capital Partners has completed its ninth exit from its 2005 third fund, selling Interim HealthCare to Halifax Group. Financial details were not disclosed.

Sentinel Capital Partners III, which raised $319 million, completed 15 investments and is fully invested, according to the firm. Two of the firm’s three other exits this year are also from Fund III; the firm also sold portfolio companies LTI-Boyd, a manufacturing company, and Inscape Publishing, a provider of training products. 

The firm has not disclosed how much Fund III has distributed to its LPs. Public pension information relating to the fund’s performance could not be obtained.

Florida-based Interim HealthCare is a home healthcare provider that specialises in providing home care services, including home hospice care, home assisted living care and supplemental healthcare staffing.

The company underwent an “operational transformation” under Sentinel ownership, which included the refranchising of Interim HealthCare’s healthcare locations, the exit of non-core businesses and a recruiting effort for new franchise owners.

“We originally acquired Interim with the goal of working with its management team to redefine and refocus Interim’s position in the healthcare industry. Today Interim is recognized as the nation’s leading home healthcare franchisor,” said Sentinel Partner Paul Murphy in a statement.

Sentinel is a lower mid-market specialist firm that invests in management buyouts, corporate divestitures, family businesses, go-privates and operational turnarounds with existing management in the US and Canada. The firm’s team has experience in the aerospace and defense, business services, consumer products and services, distribution, food, restaurant, franchising, healthcare and industrial industries.

Earlier this year, the firm completed a series of transactions to take its most recent fund, the $765 million Fund IV, to over 50 percent invested. 

“The lending markets are very strong right now and the economy is recovering, so companies are performing better,” Murphy told Private Equity International at the time. “That means a lot of people that had been wanting to sell their companies over the last couple years but hadn’t had the financial performance or the financial outlook are now bringing their companies to market.”