Nova Leap Health Corp. to Acquire Home Health Care Services Business in New England
Nova Leap (TSXV: NLH) has executed an official agreement to acquire a home health services company. The company is based in New England, where Nova Leap has existing operations.
Halifax, Nova Scotia, Canada-based Nova Leap is a home care and support services provider that acquires, manages and builds home care companies. Nova Leap has acquired six companies to date, with plans to continue the growth.
The acquisition is targeted to close in the third quarter of 2018. Under terms of the deal, the transaction will total $425,000, of which $325,000 is payable with cash on closing, according to a press release.
“We are excited to keep growing our footprint in the New England area,” said Chris Dobbin, president and CEO of Nova Leap, in a press release. “This will be our third acquisition in New England this year. We are fortunate to be working with such compassionate people and look forward to continued growth in the region.”
Nova Leap plans to use existing cash resources to fund the transaction.
H.I.G. Growth Partners Completes Acquisition of Sage Hospice
H.I.G. Growth Partners has completed an investment in Sage Hospice, which will serve as the platform to build a regional provider of hospice and palliative care services in Arizona.
H.I.G. is partnering with two hospice industry executives, Glen Cavallo and Jeff Lang, to execute the strategy. Cavallo and Lang will join Sage’s board of directors. Lang will become the CEO at Sage.
Miami, Florida-based H.I.G. Growth Partners is the growth capital affiliate of H.I.G. Capital, a private equity investment firm with over $25 billion of equity capital under management. The company considers investments across all industries.
Sage is a provider of hospice and palliative care services to patients in the Phoenix market. It is the third largest hospice provider in the area.
“We are delighted to partner with Jeff and H.I.G. to execute Sage’s next phase of growth,” Sage Founder Tiana Zang said in a press release. “They share our vision to provide compassionate, comprehensive and quality care to people with life limiting illnesses and bring a successful track record of working with multi-site health care service companies.”
Post Acute Medical Enters Joint Venture with Home Health Agency
Be Healthy at Home and Post Acute Medical (PAM) have entered into a joint venture. The two will improve the continuum of post-acute care services available in the communities served by PAM.
Buda, Texas-based Be Healthy at Home is a 5-star rated home health care organization.
Post Acute Medical is a provider of post-acute health care services based in Enola, Pennsylvania. The organization has 29 long-term acute care hospitals and medical rehabilitation hospitals and 15 outpatient physical therapy locations across nine states.
The venture will benefit providers and patients by integrating services and systems, according to Brandis Wilmore, president of Be Healthy at Home, in a press release.
“We look forward to bringing their specialized home care services to the communities served by our other hospitals in the region and beyond,” Kristen Smith, PAM’s president of clinical innovation and business intelligence, said in the release.
County Completes Home Health Agency Sale
Wilson County, North Carolina’s 50-year-old home health agency, has been sold to In-Home Partnership.
County commissioners approved the contract to sell the agency for $2 million, according to anews report in the Wilson Times.
In-Home Partnership is a joint venture between Duke LifePoint and LHC Group (Nasdaq: LHCG). Duke LifePoint is a joint venture between LifePoint Health and Duke University Health System. Lafayette, Louisiana-based LHC Group is one of the largest home health provider companies in the nation, with 780 locations in 37 states.
The contract was finalized in late July. The closing date for the purchase is Aug. 31.
Wilson County Health Director Teresa Ellen said county home health employees who had 10 years or more of service found employment with another county agency or have been placed in a position within the Wilson County Health Department, according to the news report. She said the remaining home health employees have accepted employment with the new owner.
Written by Kaitlyn Mattson