GT Independence Forms Strategic Alliance with H.I.G. Capital
Partnership will provide expanded resources for financial management services provider to grow self-direction to more people, places
STURGIS, Mich. — GT Independence, a financial management services provider dedicated to helping people self-direct their long-term services and supports in home and community settings, is thrilled to announce the completion of a significant investment agreement with H.I.G. Capital, a distinguished global alternative investment firm. This partnership marks a pivotal moment for GT Independence as it aims to broaden its reach, empowering more individuals to choose their preferred lifestyle options irrespective of their age or ability.
John Carmichael, the CEO of GT Independence, expressed his excitement about the collaboration, stating, "We are thrilled to embark on this new partnership with H.I.G., which has demonstrated a clear understanding of and appreciation for the important role of self-direction in our health care ecosystem. With H.I.G.'s involvement, GT Independence can maintain its growth trajectory with confidence and help more people be in control of how they receive care and support in their homes and communities, allowing everyone, no matter their age or ability, the dignity to live life on their own terms."
The investment from H.I.G. Capital is expected to significantly enhance GT Independence's capabilities. Scott Zhu, Managing Director at H.I.G. Capital, remarked, "Self-direction has proven to be an effective and efficient way for people to receive long-term services and supports. The services of an FMS like GT Independence will only grow in demand, especially in light of the evolving healthcare landscape and the persistent desire for independent living." He added that GT Independence's industry-leading technology, resources, and customer service make it a compelling investment for H.I.G.
While the specific terms of the agreement remain confidential, it has been confirmed that the founding Carmichael family will retain an ownership stake in the company. John Carmichael will continue to lead GT Independence, supported by a robust leadership team with the expertise necessary to steer the company through its next growth phase. H.I.G.'s investment will enable GT Independence to invest in emerging opportunities, enhance its workforce, deploy innovative technologies, and increase awareness of self-direction across the country.
Since its inception in 2004, GT Independence has achieved remarkable growth, demonstrating a 255% increase in revenue over the last three years for the fiscal year that concluded recently. The company currently supports more than 50,000 participants across multiple states and the District of Columbia. Focused on simplifying the complexities of self-direction and long-term services and supports, GT Independence allows individuals to hire staff to provide necessary services within their preferred settings. Participation often hinges on receiving authorized budgets from Medicaid waiver programs, which can differ by state, allowing those who self-direct to become employers while complying with local, state, and federal laws.
GT Independence plays a critical role as the employer's agent, assisting individuals with payroll, taxes, and various administrative tasks to empower them to take charge of their lives.
About GT Independence
GT Independence is a nationwide financial management service organization committed to supporting individuals in living life on their own terms. The firm offers comprehensive management of the financial, technical, and legal elements associated with hiring and directing personal staff. Founded by the Carmichael family, GT Independence serves over 50,000 clients across 18 states and the District of Columbia, having expanded from its origins in Michigan.
About H.I.G. Capital
H.I.G. Capital is a prominent global alternative investment firm, managing $70 billion in capital. With its headquarters in Miami and offices across major U.S. cities as well as international locations, H.I.G. specializes in delivering both debt and equity financing to mid-market companies. Since 1993, the firm has successfully invested in and overseen more than 400 companies worldwide, boasting a current portfolio that generates over $53 billion in combined sales.
Frequently Asked Questions
What is the nature of the partnership between GT Independence and H.I.G. Capital?
The partnership aims to enhance the resources available to GT Independence, enabling the company to expand its financial management services for individuals seeking self-direction.
How does GT Independence assist individuals in self-direction?
GT Independence helps individuals navigate the complexities of hiring and managing their own service staff, including payroll and compliance with employment laws.
What has been the growth trend for GT Independence?
GT Independence has reported a remarkable 255% revenue growth over the last three years and serves over 50,000 participants nationwide.
Who will continue to lead GT Independence post-investment?
John Carmichael will remain as CEO, supported by the current leadership team to guide the company into its next growth phase.
What unique advantages does H.I.G. Capital bring to this partnership?
H.I.G. Capital provides a wealth of investment expertise and resources that align with GT Independence's mission of promoting self-direction and enhancing service delivery.
