Ridgemont Equity Partners, a Charlotte-based middle-market private equity firm, has acquired Caring Transitions, a nationwide franchise network providing senior move management, downsizing, estate sale, and home cleanout services, in partnership with digital marketplace operators Joshua Ellstein and Michael Felman of Coogee Bay Partners. Financial terms were not disclosed. Ellstein and Felman will serve as Co-Executive Chairmen alongside Caring Transitions President Joe Lewandowski and the existing leadership team. Phil Michaelson, who has extensive experience scaling auction platforms, will join the board. Debt financing was provided by Apogem Capital. Livingstone Partners advised Caring Transitions; Boxwood Partners advised Ridgemont and Coogee Bay.
Founded in 2006, Caring Transitions operates more than 300 franchise locations serving older adults and their families navigating major life transitions. The company’s franchise offering combines move management and relocation services with CTBids, a fully integrated digital auction platform that enables franchisees to conduct estate sales as part of the complete move management process. CTBids has emerged as a key growth driver within the business: a majority of franchisees cited it as a primary factor in their decision to purchase a franchise, and the platform has attracted a large community of online buyers drawn to estate sale inventory.
The investment thesis is built around two intersecting trends. The aging U.S. population is entering a period of large-scale downsizing — a generational transfer of household goods that creates sustained demand for both the relocation services Caring Transitions provides and the liquidation marketplace CTBids facilitates. Ridgemont and Coogee Bay plan to grow and modernize the CTBids platform, improve the buyer and seller experience, and expand the franchise network’s capacity to capture that demand at scale. Ridgemont brings prior experience investing in businesses serving aging populations, home-based services, and nationally scaled franchise systems with locally delivered services.
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“This investment is a great fit for Ridgemont and sits at the intersection of several focus areas for us, given our collective experience with businesses serving aging populations, home-based services, digital platforms, and nationally scaled brands with locally delivered services. Josh and Mike have been close executive relationships of Ridgemont’s since 2018, and we have been eager to partner with them again. Caring Transitions is the ideal opportunity — we are aligned with their interest in serving this powerful demographic wave and highly confident in our collective ability to create value and drive growth, particularly through CTBids.”
Charles Anderson and Kelly Lineberger, Partners, Ridgemont Equity Partners
“This partnership marks an exciting new chapter for Caring Transitions. Ridgemont and Coogee Bay share our commitment to supporting franchisees, serving families with compassion, and preserving the values that have defined our brand for nearly two decades.”
Joe Lewandowski, President, Caring Transitions
“CTBids has demonstrated rapid growth, strong KPIs, and attractive liquidity dynamics, powered by a vast community of buyers who are passionate about discovering unique finds through estate sales. We believe there is tremendous opportunity to continue to grow and modernize the CTBids platform, elevate the customer experience, and facilitate a historic shift of goods as the aging population downsizes.”
Joshua Ellstein and Michael Felman, Coogee Bay Partners
