The middle-market private-equity firm Growth Catalyst Partners announced last week that it is teaming up with the media veteran Greg Mason to form a startup media platform that encompasses information, tech-enabled services and lead-gen for the elder care market.
The company, called SilverAssist, was formed through the acquisition by GCP of three existing entities: Elderlife Financial Services, a service that helps identify the best ways to pay for senior living; Care Changes, a service helping families find senior communities and customized care; and FamilyAssets, a platform that matches families with senior-living options.
Through these foundation assets, SilverAssist will launch with more than 150 corporate community relationships, spanning 7,000 communities. And it communicates directly with thousands of families every month to provide personalized solutions and make valuable connections on behalf of community partners.
In its announcement, GCP said there’s a dire need for senior resources, services and facilities in the U.S.. One source reports there are over 6,000 online searches relating to senior care made every hour in this country, and the number is expected to continue to grow. And the Census Bureau projects that by 2050, the number of people over 65 will reach 83.7 million adults, nearly doubling the current number.
As a result, SilverAssist seeks to address a massive market opportunity created by the aging baby boom generation and increased life expectancy.
For his part, Mason brings extensive experience as a digital brand builder and operator. He’s held senior leadership roles at CNET, CBS Interactive, WebMD, and Purch, the latter a leading content-plus-commerce publisher he developed and led as CEO until its sale to FuturePLC.
“At this stage of my career, it’s very gratifying to be in the position to help the elderly and their families answer all the difficult questions that come with the later innings of life,” Mason said in the announcement.“We’re all continually surprised how fragmented, disjointed, and low-tech the current experience is for consumers to find high-quality information and services, and we believe there is significant room for innovation and a vastly improved consumer experience,"
GCT Managing Director James Nally said the creation of the new company is based on extensive market research that pinpointed a significant market gap that SilverAssist will address.
This formation comes on the heels of several recent announcements from GCP that it is currently investing out of its $270 million GCP II fund. GCP has acquired 11 companies across four platform companies in GCP II.
Since GCP’s founding in 2015, it has completed over 65 acquisitions across its twelve industry-leading platform companies.