Americare Enterprises (Ace) Investment Analysis

916 words, 4 pages

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Executive Summary
Members of the board, the investment I propose to you today is AmeriCare Enterprises (ACE), the leading home hospice care provider in the country. Hospice care involves taking care of terminally ill patients and helping them pass away in their homes without having to suffer the indignity of a cold hospital room. ACE is a traditional private equity deal that is being lead by Bain Capital. Not only is the market for hospice care growing, but health care insurance providers have started to add hospice care to their policies, increasing demand. ACE has experienced steady growth and is expected to grow revenues and EBITDA in the base case at 10-15% every year. They have an experienced management team and strong financials. The deal is priced at eleven times 2013 EBITDA or $5.255 billion, which is a fair entry price for this deal as it has great potential. Enclosed I have attached a breakdown of why I believe ACE is a great investment along with a scenario analysis to further support my argument.

Additionally, I want to quickly discuss why I did not choose Pandle Europe Capital (the hedge fund deal presented) or Smarterkids (the venture deal presented). Although Pandle Capital, the Eastern European, value oriented hedge fund had great returns for the past 6 years, I was a bit concerned about the team as they are not extremely experienced. I have not had a chance to meet with them nor do I believe the Hewlett board has had a chance to meet the team. I feel as though it is extremely important that we meet fund managers and create a really great relationship with them before putting a large allocation into their funds. Additionally, Eastern Europe has had recent political unrest, which concerns me because these are things that maybe hard to predict.

As for Smarterkids, what concerns me about this company is that the team is not very experienced in the tutoring/educational industry. Everyone on the team graduated from great universities, View More »

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