Acquiring Minds Podcast Summary

Episode: A Search Fund Journey to $350m
Date: April 9, 2026
Host: Will Smith
Guest: Jenna Wigham, President of Abound Health

Overview

In this episode, Will Smith interviews Jenna Wigham, who—along with her brother—acquired a North Carolina-based home care company (now Abound Health) in 2020 and scaled it to an impressive $350M in projected 2026 revenue and $75M in EBITDA. This is an extraordinary journey in the world of search funds and acquisition entrepreneurship, especially given the formidable operational, cultural, and industry challenges in home care. Jenna offers a candid exploration into mission-driven growth, scaling through M&A, the people-side of home care, and her reflections as an operator and leader.

Key Discussion Points & Insights

Jenna’s Background and Path to Search Funds (05:48–12:00)

• From Investment Banking to Operations:

  • Jenna began her career in healthcare investment banking, realized her passion was in hands-on operations (not just advising), and sought more operational learning via an MBA at MIT Sloan.
  • Post-MBA, Jenna joined Anheuser-Busch, gaining broad exposure, including P&L responsibility at a craft brewery, where she loved building and leading teams but wanted more strategic autonomy.

• Teaming Up with Her Brother:

  • Both siblings craved entrepreneurship and left their corporate jobs in 2018 to launch a traditional search fund together—a rare example of sibling partnership in search.

• Initial Search Fund Considerations:

  • They looked at various options, almost starting a “craft butter” business before choosing search for a more efficient path to having impact and operational control.

The Acquisition Story: Abound Health (12:01–23:27)

• Choosing Between Two LOIs:

  • FSI: A SaaS maintenance platform for healthcare (ultimately passed up).
  • Abound: A North Carolina home care business, already substantial at ~$60M revenue and ~$10M EBITDA (unusually large for search).

• Unique Beginnings:

  • The origin of Abound Health combined a proprietary EHR SaaS (from an accountant founder) with a mission-driven home care agency—merged for operational synergy.
  • Much of the company’s growth model is acquiring other agencies (14 under Jenna), many originally using their software.

• Deal Dynamics:

  • Jenna’s brother’s cold outreach for the acquisition was fortuitously welcomed due to a shared love for golden retrievers and the seller’s readiness.
  • The deal closed in October 2020, mid-COVID, after some negotiation around a $100M price (ultimately ~$88M + $15M earnout).

Business Model & Industry Dynamics (23:28–32:22)

• Service Offerings and Scale:

  • Abound serves multiple populations: adults with intellectual/developmental disabilities (IDD), medically complex children (pediatric nursing), and elderly/personal care.
  • They operate in four states and employ ~7,000 people, serving ~6,500 clients mostly on Medicaid funding.

• Medicaid, Payment Structure, and Tailwinds:

  • 95% of revenue is Medicaid-funded; the business is a price taker, not a price setter.
  • Mission: The purpose transcends numbers—positively impacting vulnerable lives. However, poor operation can cause real societal harm.

  “You can make a deeply positive impact by running one of these businesses. Well, that mission drew Jenna to the industry...” —Will Smith [01:23]

  • Recurring Revenue: IDD funding is essentially lifelong; retention is critical and LTV is high.

Growth Strategy: M&A, Expansion, and Culture (44:34–51:02)

• How Did Abound Grow So Fast?

  1. M&A Strategy: Acquired 14 agencies, often software customers. Expansion into new states (PA, NJ, MI) was deliberate, based on strategic market studies.
  2. Service Line Diversification: Entered pediatric and elderly personal care to broaden payer mix.
  3. Strong Organic Growth: Built brand, referral partnerships, and focused on high-quality caregiver-patient matching.

  “Probably 75% of that [growth] is M&A. And then 25 to 30%...is organic growth.” —Jenna [46:46]

The Software Advantage

• Entry into new states established through software sales first; smooth integration if the target agency is already a software customer.

• Ability to customize operations and compliance much more flexibly than competitors.

  “It’s provided a lot of financial benefit, M&A opportunity...has been extremely beneficial to our operations.” —Jenna [32:37]

Culture and Mission

• Mission-driven from the founder—core values are practiced, not just preached.

• All leaders experience direct care firsthand, ensuring empathy and grounded leadership.

  “Our leadership team are caregivers themselves...showing our team that we’re willing to do the work was critical on day one.” —Jenna [52:39]

Operations, Challenges, and Risks (53:03–65:25)

Low-Wage, People-Intensive Reality

• 25–30% of caregivers are family members (ideal), but turnover and management of non-family caregivers are major operational pain points.

• Stringent hiring and supervision is critical but risk can never be eliminated.

  “The turnover of low wage work is not compatible with providing great high quality care. And so you’re constantly recruiting...” —Jenna [83:54]

Horror Stories

• The risks of home care (including criminal incidents) are real and not unique to private providers.

• Strong compliance, incident response, and continual improvement are necessary.

  “Your point is right, there’s no way to completely eliminate that risk...it’s what you do with [it] and how you change your company for the better that matters.” —Jenna [57:43]

Financial Engineering & Investor Perspective (33:31–71:55)

• Deal Structure:

  • Acquired at ~8.8x EBITDA with significant earnout.
  • Housatonic Partners took a 51% majority, rare for search but essential for large check writing.
  • All subsequent acquisitions funded through strong cash generation and debt, not equity—yielding low leverage and high ownership retention.

  “Because we are a Medicaid business, we generate very healthy cash flow...and have been able to fund acquisitions through our own balance sheet without additional equity.” —Jenna [69:43]

• Board and Governance:

  • Majority investor has 4/7 board seats. No major misalignments to date, owing to longstanding reputation and alignment with the company’s mission.

• Potential Exit:

  • Realistic exit window is 18–24 months, likely to PE. Jenna is intent on finding a buyer who cares about the mission, not just the economics.

Industry Reflections & Search Fund Lessons (80:10–88:21)

• Home care is highly people-intensive; not for those averse to HR and family dynamics.

• The supply side (workers) is the persistent bottleneck, especially post-COVID.

• Scalability is hard—most small agencies stay small because of supply/retention challenges.

• Integration skills are critical for value-creating M&A; first-time buyers should start with small tuck-ins and develop playbooks.

  “Scale is hard...it’s a one in, one out business...it’s a grind to grow.” —Jenna [81:24]

• Category is relatively insulated from AI disruption (people-service work).

• Mission orientation is both a defensive moat and a moral imperative—don’t enter the space lightly.

  “When I really reflect back...it’s through those challenging times where, like, I’ve learned the most about myself...you can constantly evolve who you are as a leader.” —Jenna [88:11]

Notable Quotes & Memorable Moments

• On why operations is her calling:

  “I loved, like, being part of something with a team, hitting a goal together, designing how you were going to determine what success looks like...” —Jenna [09:12]

• On the unique power of combining a software product with a service business:

  “It’s proven to be the competitive advantage that we never knew we could have.” —Jenna [32:37]

• On the harsh realities of low-wage labor in home care:

  “Your point is right...there’s no way to completely eliminate that risk...we do everything we can...” —Jenna [57:43]

• On scaling through acquisition:

  “We were able to integrate the business in less than 30 days...we knew immediately what to do with the business.” —Jenna [48:13]

• On siblings as business partners:

  “The theme of having this level of trust and transparency...has been hugely beneficial...especially, like, for me dealing with day to day operations.” —Jenna [72:24]

• On lessons of leadership:

  “You can handle more than you think you can handle and you can constantly evolve who you are as a leader.” —Jenna [88:11]

Timestamps for Key Segments

• Jenna’s background & why operations? – 05:48–10:20
• Why Search Funds? – 10:20–11:40
• The two LOIs and choosing Abound – 12:01–14:05
• Abound’s origin story – 14:11–19:14
• The acquisition process & deal structure – 20:28–33:31
• Abound’s business model (service lines, how care works) – 23:28–27:53
• Medicaid as payer, market tailwinds – 28:00–32:22
• Growth strategy: M&A, new states, software advantage – 44:34–51:02
• Culture & mission-driven operations – 50:50–53:03
• Operational risks, hiring, horror stories – 53:03–61:21
• Financial strategy, investor relations, exit planning – 33:31–73:20
• Scaling challenges, advice for small buyers – 80:10–87:26
• Personal growth and leadership lessons – 88:11

Final Thoughts

Jenna’s journey illustrates both the promise and complexity of scaling in a mission-driven “people business.” The opportunity in home care is massive but should be met with respect, operational rigor, and an unwavering commitment to quality of care. M&A is a required competency to scale, and the cultural (not just financial) moat is real. Her advice for aspiring searchers in this sector: know your “why,” prepare for the people-side grind, and only attempt this if you’re willing to respect the gravity of providing care for the vulnerable.