Care Advantage announced this week that it has acquired Nova Home Health Care. The acquisition expands Care Advantage’s Northern Virginia footprint — a market that CEO Tim Hanold believes is an important one for current and future growth.
Based in Fairfax, Virginia, Nova Home Health Care is a Medicare and Medicaid certified, locally owned and operated home health care agency.
Care Advantage, a portfolio company of private equity firm Searchlight Capital Partners since 2021, is one of the largest privately held home healthcare providers in Virginia. It provides private duty nursing and personal care services. The company is Medicare certified.
“Northern Virginia is one of the more populated areas across the state,” said Hanold. “We’ve done numerous acquisitions there over a period of time. We continue to build out our density, and also the diversity of both payer source and the communities that we serve within that area. Northern Virginia is part of the Metropolitan D.C. area, and is a very diverse market. We want to make sure that we’re approaching that in a smart and culturally sensitive way.”
In total, Nova Home Health Care is Care Advantage’s 19th acquisition since 2018. Moving forward, M&A will continue to play a major role in Care Advantage’s growth strategy, according to Hanold. The financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 89th Home Health & Hospice (HH&H) transaction of 2023. This is an approximately 17% decrease from last year, when 107 HH&H deals were announced between January 1, 2022, and December 7, 2022.
