Alpine Continues Partnership With TEAM Services Group Through Single Asset Continuation Fund

TEAM Services Group ("TEAM"), a portfolio company of Alpine Investors V and V SBIC, LP ("Alpine"), announced today that it has raised $100 million of additional equity capital as part of a broader $362 million single asset secondary market transaction to fund future growth initiatives. The transaction was led by investors including HarbourVest Partners, funds managed by Neuberger Berman, Pantheon, and Hamilton Lane who join a collection of new and existing Fund V investors. This vehicle will allow for Alpine's continued investment in TEAM and will fuel their next phase of growth.

TEAM is a leading provider of employment services and home care services for seniors and people with disabilities. Alpine formed the TEAM Services Group platform in 2015 through its partnership with TEAM RMS. Led by CEO Josh Greenberg, who was brought in through Alpine's PeopleFirst Executive program, TEAM has become a nation-wide platform, providing services across its two divisions: TEAM RMS, which focuses on serving clients of trust companies, and TEAM Public Choices, which focuses on serving beneficiaries of state-sponsored disability and aging programs.

Since 2015, TEAM has been able to make significant progress in its mission of facilitating high quality home care across the country, by growing from just over 1,500 clients served in 2015 to over 20,000 clients served today. In this time, TEAM has grown organically at an average of 13% per year and has partnered with over 30 like-minded businesses that share the company's focus on empowering clients and supporting choice in the delivery of care. The additional equity capital will allow TEAM to continue to pursue new partnership opportunities and expand its impact in the home care space.

Through partnerships and strategic leadership, TEAM has seen strong results:

- Increased gross revenue from $85.2m to $671.5m over 5 years
- Completed partnerships with 34 organizations across the nation
- Grew employee headcount from 2,944 to 31,936

In partnership with Alpine's PeopleFirst Executive Program and talent playbook, TEAM has built a strong leadership team since its founding in 2015. The team that Alpine helped directly recruit includes Rachel Green, CEO of TEAM RMS, Cullen Knights, COO and CFO of TEAM Services Group, Marcus Bradley, CEO of Hmong Home Health Care, and Max Needle, director of operations and M&A at Team Public Choices.

"We're extremely excited to continue our partnership with Alpine and propel our business into its next phase of growth," said Josh Greenberg, CEO of TEAM Services Group. "TEAM's mission to serve its customers with the highest quality of care aligns with Alpine's values and culture of being a people-driven organization. Our collective commitment to serve makes Alpine the best partner and resource for us as we strive to provide more needed care for seniors and people with disabilities."

"This continuation fund allows Alpine and TEAM to continue supporting its amazing partnerships across the nation," said Graham Weaver, Founder at Alpine. "TEAM continues to make an enduring impact in serving communities across the nation and we are thrilled to play a supporting role. In many ways, TEAM is the embodiment of our PeopleFirst philosophy, the philosophy that by putting people first you can achieve enduring business results."

Lazard acted as financial advisor for the equity transaction and Kirkland & Ellis served as legal counsel for the deal.

In conjunction with the transaction, TEAM refinanced its outstanding indebtedness. Credit Suisse was lead arranger on the debt transaction and Jefferies was secondary arranger. Morrison Foerster served as debt counsel.

About TEAM Services Group

TEAM Services Group provides household employment and home care solutions through our family of companies across the United States. We believe in the value of self-direction ? allowing individuals and families to choose the people working with them in their homes ? and aim to facilitate choice and independence, delivered with the highest standards of quality and security.

About Alpine Investors

Alpine Investors is a values-driven private equity firm that is committed to building leading companies by working with, learning from, and developing exceptional people. Alpine specializes in middle-market investments in the software and services industries. Its PeopleFirst strategy includes supplementing existing management teams with high caliber talent from its PeopleFirst Executive programs.