InTandem Capital Partners Announces Strategic Investment in HouseWorks
InTandem Capital Partners, LLC announced on January 12 the completion of its equity investment in HouseWorks, one of the nation’s largest independent home care companies. Goodwin Procter served as legal counsel for InTandem Capital. Edgemont Partners served as the firm’s exclusive financial advisor. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal counsel for HouseWorks and SVB Securities served as the company’s exclusive financial advisor. Financial terms of the transaction were not disclosed. Founded in 1999 and based in Woburn, Massachusetts, HouseWorks is one of the nation’s largest independent home care companies. InTandem Capital Partners is a private... Read More »
Home Health & Hospice 2023 Outlook: Large Transactions and Innovation Fuel Optimism
According to data captured from the LevinPro HC database, 2022 was a historic year for healthcare M&A, with a record-breaking 2,392 transactions announced, and we expect this number to continue to climb as companies report their final deals of the year. The Home Health & Hospice (HH&H) M&A market, however, experienced an approximately 29% decline in transactions, dropping from 155 announced in 2021 to 110 announced in 2022. The home health market was hindered by industry headwinds in 2022, including staffing shortages and Medicare rate cuts. Despite the decline in M&A during 2022, when we spoke with industry experts Al Veach and Jason Harrison of Agenda Health last... Read More »
Quipt Acquires Great Elm Healthcare for $80 Million
Quipt Home Medical Corp. announced on January 3 that it has acquired Great Elm Healthcare, LLC, a division of Great Elm Group, Inc., effective December 31, 2022. Great Elm had unaudited revenues for the 12 months ended August 31, 2022, of $60 million with an adjusted EBITDA of $13 million. The purchase price was $80 million, including $73 million in cash, $5 million in assumed debt and 431,996 Quipt common shares at a deemed price per share equal to $4.63, representing a purchase price of 6x adjusted EBITDA pre-cost savings and synergies. The combination of Quipt and Great Elm has a combined annualized revenue and annualized adjusted EBITDA of $220 million and $47 million, respectively,... Read More »
Help at Home Acquires Open System Healthcare
In its first transaction of the year, Help at Home, a leading national provider of in-home care services, announced its acquisition of Open Systems Healthcare’s home care operations in Pennsylvania and Delaware. This acquisition advances Help at Home’s growth strategy in Pennsylvania, as well as provides an opportunity for Help at Home to expand into Delaware. The transaction excludes Open System Healthcare’s service locations in the District of Columbia. Terms of the deal were not disclosed. Founded in 2011, Open Systems provides in-home care services in 68 counties across Pennsylvania with strong local market presence in the Pittsburgh, Bethlehem, Williamsport, Lancaster,... Read More »