GTCR Announces Sale of GreatCall to Best Buy
GTCR, a private equity firm, signed a definitive agreement to sell GreatCall Inc. to Best Buy for cash consideration of $800 million.
Headquartered in San Diego, GreatCall is a provider of connected health and personal emergency response services (PERS) for active aging, serving more than 900,000 subscribers across the U.S. GreatCall’s product offering includes senior-friendly hardware combined with one-touch connectivity to trained agents who can answer questions, dispatch emergency personnel, connect to family caregivers and provide additional concierge services.
In executing The Leaders Strategy, GTCR partnered with long-time industry leader David Inns to acquire GreatCall. GTCR’s approximate 20-year history of investment in consumer health, safety and security services helped it to immediately appreciate GreatCall’s value proposition and efficiency, GTCR stated in a press release. GreatCall is GTCR’s fourth investment in the consumer health, safety and security space.
Inns has led GreatCall for more than a decade and has grown the business from a startup to the leader in connected health for active aging, GTCR stated. GreatCall’s proprietary product offering and history of innovation have created a strategically valuable business within the large and growing markets of technology and services for seniors. Partnering with Best Buy is a strategic fit that will provide GreatCall access to Best Buy’s distribution capabilities and recent investments in health-related initiatives focused on the aging population.
“We have great admiration for GreatCall. David Inns and the entire team have built a tremendous platform with unique products and services that allow seniors to remain independent longer,” said GTCR Managing Director David Donnini. “David and the team have been excellent partners for GTCR and we would like to extend our thanks and best wishes to the entire GreatCall organization as they continue their growth with Best Buy.”
Inns said, “We’d like to thank GTCR for their commitment and support. GTCR has been a great partner, and we are excited to continue supporting our customers with innovative solutions as a part of Best Buy.”
Dean Mihas, managing director at GTCR, added: “GreatCall is a truly exceptional company with a proven track record of providing critical connected health services to seniors and their caregivers. We believe the Company is well positioned to continue its success as part of Best Buy.”
The transaction is expected to close in the third quarter of 2018.
Raymond James served as financial advisor and Kirkland & Ellis LLP served as legal advisor to GreatCall and GTCR.