Private Equity Group Acquires New York Home Care Agency
A private equity company headquartered in Providence, Rhode Island, with over $2.5 billion in assets under management is adding to its growing portfolio with last week’s purchase of Lynbrook, New York-based home care company, All Metro Health Care Services, Inc.
Founded in 1955, All Metro provides home- and community-based services in New York, New Jersey and Florida as a licensed home care agency providing primarily non-skilled personal care aide services, including light housekeeping, homemaking, bathing and grooming to seniors and high needs individuals.
In addition to the company’s non-skilled aide services, All Metro is also a provider under two speciality home care waiver programs in the state of New York. These programs provide the necessary services required to allow nursing home eligible individuals, as well as individuals with traumatic brain injuries, to remain in the community.
Given the expected increase in demand for home care services driven by demographic trends, All Metro is “well-positioned” for further growth, said Nautic Managing Director Chris Crosby in a written statement.
“We believe that All Metro is well positioned to serve as a value-added provider in its core states due to its high quality reputation, its broad geographical footprint and its leading presence in the New York speciality waivers programs, which require a higher level of care,” Crosby said.
While the terms of the transaction were not disclosed, Nautic targets equity investments of $25 million to $75 million, representing majority ownership in niche businesses with strong market share and growth potential, along with identified value enhancement opportunities and strong management teams, according to a statement on the company’s webpage.
“We believe the long-term opportunity in our states is compelling and we look forward to working with Nautic to develop new programs to better serve our patients and payers,” said David Middleton, president and CEO of All Metro, in a statement. “Nautic’s strategic and financial resources will help position us to continue our historical growth trend while improving care for our patients.”
Written by Jason Oliva