GT Independence, H.I.G. Capital Complete Investment Agreement

Partnership will provide expanded resources for financial management services provider to grow self-direction to more people, places

STURGIS, Mich., Nov. 18, 2025 /PRNewswire/ -- GT Independence (the "Company"), a financial management services (FMS) company helping people self-direct their long-term services and supports (LTSS) in home and community-based settings, has completed an investment agreement with H.I.G. Capital ("H.I.G."), a leading global alternative investment firm. The agreement caps a long and thoughtful search for a well-aligned partner positioned to contribute to GT Independence's ongoing growth as it seeks to expand to new markets, helping more people to live the life of their choosing regardless of age or ability.

"We are thrilled to embark on this new partnership with H.I.G., which has demonstrated a clear understanding of and appreciation for the important place of self-direction in our health care ecosystem," said John Carmichael, CEO of GT Independence. "With H.I.G.'s involvement, GT Independence can maintain its growth trajectory with confidence and help more people be in control of how they receive care and support in their homes and communities, allowing everyone, no matter their age or ability, the dignity to live life on their own terms."

"Self-direction has proven to be an effective and efficient way for people to receive long-term services and supports in their homes and communities, and given the evolving health care landscape and persistent desire for independent living, the services of an FMS like GT Independence will only grow in demand," said Scott Zhu, Managing Director at H.I.G. Capital. "GT Independence provides industry-leading technology, resources, and customer service, and H.I.G. believes that an investment in this company and its mission will drive value for people who self-direct and for all stakeholders."

Although terms of the agreement were not disclosed, the founding Carmichael family will retain an ownership stake in the Company. Additionally, John Carmichael will continue to serve as CEO of GT Independence alongside the current leadership team, which has the experience and insights to guide the Company through its next phase of growth. H.I.G.'s investment will enable GT Independence to capitalize on emerging opportunities by dedicating resources to maintain a knowledgeable work force, pursue innovative technology that reduces barriers to participation, and broaden awareness for self-direction across the nation. BofA Securities Inc. is serving as exclusive financial advisor and Sidley Austin LLP is serving as legal advisor to GT Independence.

Founded by Carmichael and his family in 2004, GT Independence has experienced considerable growth in recent years, reporting 255% three-year revenue growth for the fiscal year ended 2024 and reaching more than 50,000 participants in 18 states and the District of Columbia. GT Independence was established to help families navigate the complexities associated with self-direction and LTSS. With self-direction, people can hire their own workers to provide LTSS in the setting of their choice, and participation often relies on receiving authorized budgets from Medicaid waiver programs, which vary by state. People who self-direct become employers and subject to local, state, and federal employment laws. GT Independence serves as the employer's agent, providing assistance with payroll, taxes, and other paperwork to ensure people can take charge of their lives and thrive.

About GT Independence
GT Independence is a national financial management service provider that is on a mission to help people live life according to their choosing regardless of age or ability. The company supports people in directing their own home and community-based services by administering the financial, technical, and legal aspects of hiring and managing their own staff. The Carmichaels founded GT Independence in 2004 after personally experiencing the rewards and challenges of helping a family member with self-directed services. GT Independence has expanded from its home state of Michigan to serve more than 50,000 individuals across 18 states and the District of Columbia. More information is at gtindependence.com.

About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $70 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

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SOURCE GT Independence