Atlanta-based ModivCare has announced a definitive agreement to acquire CareFinders Total Care LLC, a personal care provider in the Northeast, with a scaled presence in New Jersey, Pennsylvani, and Connecticut. The deal is a 100% equity purchase valued at $340 million. After tax attributes, the net purchase price is $306 million.
CareFinders delivers approximately 10 million hours of care annually to over 7,500 patients through its more than 6,200 caregivers. CareFinders’ revenue is primarily generated from Medicaid and MCO payers. It has approximate annual revenues of $200 million.
This acquisition strengthens ModivCare’s position in the Northeast. Once the acquisition of CareFinders is completed, ModivCare’s personal care segment is expected to include nearly 16,000 caregivers across seven states, expecting to provide approximately 30 million hours of care to approximately 18,000 patients annually.
Jefferies LLC is serving as exclusive financial advisor to ModivCare and Gibson, Dunn & Crutcher LLP is serving as ModivCare’s legal advisor. Moelis & Company LLC and J.P. Morgan Securities LLC are serving as financial advisors to CareFinders and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as CareFinders’ legal advisor.
