M&A and Financing Newsflash: Nova Leap Completes Deal for Canadian Home Care Business

Nova Leap Health Completes Home Care Purchase 

Nova Scotia, Canada-based Nova Leap Health Corp. (TSXV: NLH) has completed its $2.1 million acquisition of Always Home HomeCare Services Ltd. and its subsidiary Always Safe Training Ltd., both also located in Canada.

Nova Leap, which provides personal home care and support services, has focused its acquisition strategy on the highly fragmented market of small privately held companies providing patients one-on-one care in their homes. U.S. acquisitions have included companies operating in New Hampshire, Rhode Island, Vermont and Massachusetts. The company currently has 450 employees operating across its markets.

Always Home is a local home care agency created in 2006 that provides in-home care, veterans affairs services,  disability support and post-operative assistance.

The Always Home acquisition represents Nova Leap’s sixth overall investment in the home care industry. Nova Leap’s forecasted annualized recurring revenue run rate is in excess of $11 million following the move. As a result of the deal, Nova Leap and its subsidiaries will be able to provide about 462,000 annualized recurring client service hours, according to the company.

Nova Leap first went public in 2016.

Amedisys Affiliate Acquires Tennessee-based Personal Care Company 

Associated Home Care—an affiliate of Baton Rouge, Louisiana-based Amedisys, Inc. (Nasdaq: AMED)—has acquired East Tennessee Personal Care Service.

Knoxville-based East Tennessee Personal Care Service offers personal care, homemaker and home health services to about 600 patients a year. With 212 employees, it is the largest provider of personal care in its market.

From home health to hospice and personal care, Amedisys provides services to more than 369,000 patients annually. As one of the largest home health providers in the country, it operates across more than 430 care centers in nearly three dozen states.

The deal for East Tennessee Personal Care Service is “exciting” for Amedisys because it will enlarge the company’s personal care footprint and allows it to continue focusing on its overall strategy of expanding throughout the home health continuum, especially in important markets,  CEO Paul Kusserow said.

Humana Partners with Montana’s Monida Healthcare Network 

Missoula, Montana-based Monida Healthcare Network, a regional association of health care providers, and Louisville, Kentucky-based Humana Inc. (NYSE: HUM), have signed an agreement that expands in-network access for Humana Medicare beneficiaries with Monida members, including at least five hospitals and 11 clinics.

Monica Healthcare Network is a physician hospital organization that provides services ranging from health care staffing, medical billing, provider credentialing, payer contracting and medical peer review. Home health agencies are among its members.

Insurance giant Humana has about 19,000 Medicare Advantage members in Montana, according to the company.

Health Care Execs Launch Hospice and Palliative Care Company 

A team of health care executives has joined together to launch Remita Health, a new company dedicated to advancing hospice and palliative care for terminally ill elderly patients and their families.

The new company will be headquartered in Irvine, California, serving communities across southern California, including Costa Media, Downey, Glendale, San Bernardino and San Diego. The company will also provide guidance to patients in Las Vegas, Nevada, and Tucson, Arizona.

Rick Slager will serve as Remita Health’s CEO.

Written by Robert Holly

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Robert Holly
When Robert's not covering the latest in home health care news, you can likely find him rooting for the White Sox or roaming his neighborhood streets playing Pokemon Go. Before joining HHCN, Robert covered everything from big agribusiness to the hottest tech startups. 

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