HCAP IV Exit Spotlight: Arosa

HCAP Partners supported Arosa in scaling a uniquely caregiver-centered home care platform focused on quality, retention, and growth. 

Arosa is a national provider of home care and care management services for older adults and their families. The company pairs each client with a dedicated Care Manager who coordinates medical care, supports transitions, and helps families navigate complex aging-related needs. By combining personalized care plans with clinical oversight, Arosa helps clients maintain independence, safety, and quality of life at home.

In 2018, HCAP partnered with Bain Double Impact to invest in Arosa and support the creation of a national platform through the merger of Arosa and LivHOME. Working alongside management, HCAP applied its Gainful Jobs Approach™ to strengthen caregiver job quality and operational performance—embedding workforce strategy as a core driver of growth and care quality.

The partnership demonstrated how investing in frontline workers can improve both business outcomes and patient care. At exit, Arosa had expanded its footprint across 13 states, significantly improved caregiver retention, and strengthened operating performance while maintaining high-quality care for clients.

KEY INVESTMENT OUTCOMES

70%+

caregiver retention

Up from 30% at investment

100%

quality
jobs

All employees in quality jobs at exit¹

9.0

reputation
score

Best of Home Care Pulse score from clients and caregivers & recognized as a Provider and Employer of Choice

4%

gross margin improvement

Supported by quality jobs cost savings via decreased staff turnover and overtime reliance

Arosa Investment Timeline & Key Milestones

  • 2018

    Investment & Platform Formation

    HCAP Partners and Bain Capital Double Impact invested in Arosa.

  • 2018-2019

    Platform Launch & Integration

    Merged Arosa and LivHOME under the unified Arosa brand

    Recruited key leadership including CFO, CMO, VP of Sales, and Director of Talent

  • 2020

    COVID-19 Workforce Support

    Implemented an 8-week stabilization pay program

    Provided loyalty stipends to protect caregiver income

    Maintained continuity of care for high-need clients across all service areas

  • 2021-2023

    Workforce Investment at Scale

    Launched the Arosa Grant Circle ($119K+ distributed)

    Implemented the ABC career pathway program ($1.1M CalGrows grant)

    Improved caregiver retention to 70%+

  • 2023-2024

    Operational Optimization

    Implemented site-level KPIs and performance dashboards

    Strengthened alignment across decentralized field teams

    Enhanced M&A vetting and market entry strategy

  • 2024

    Successful Exit

    HCAP completed a successful exit from Arosa after expanding the company’s geographic footprint, doubling its headcount, and supporting the delivery of high-quality coordinated care.

HCAP brought more than capital. They had real experience with distributed frontline workforces—from senior living to wellness and multi-location health care providers—and they helped us operationalize job quality at scale.
— Ari Medoff, CEO, Arosa

Arosa’s caregiver-first approach centers on building trusted relationships, celebrating team members, and creating a supportive culture that enhances care for families.

¹ A quality job is defined as having three or more of the six Gainful Jobs Approach™ attributes. See the table in Appendix A for detailed criteria.