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.”
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.