M&A and Financing Newsflash: Elara Caring’s Allen Health Services Acquires First Care of New York

Allen Health Care Services Finalizes Acquisition of First Care of New York

Allen Health Care Services, a part of the Elara Caring network of companies, has acquired First Care of New York. Financial terms of the deal, announced last week, were not disclosed.

Bronx, New York-based First Care serves nearly 900 patients mainly in the five boroughs of New York City. The company provides such services as physical therapy, live-in care, respite care, skilled care and hospice.

Forest Hills, New York-based Allen Health Care Services is a home care provider that serves Brooklyn, Bronx, Manhattan, Queens, Staten Island, Nassau, Suffolk and Westchester counties. The organization offers services such as transportation, meal preparation, dementia care and hospice.

Elara Caring is the product of a three-way merger announced earlier this year between Jackson Michigan-based Great Lakes Caring, Connecticut-based National Home Health Care and Addison, Texas-based Jordan Health Services. Elara Caring serves more than 66,000 patients daily in 225 locations across 16 states, employing about 32,500 caregivers.

The merged enterprise announced it was rebranding to Elara Caring in July.

The company is now one of the nation’s largest providers of home-based care. By way of comparison, the largest publicly traded home health provider, LHC Group (Nasdaq: LHCG) provides care across 37 states and had a patient census of about 92,500 people as of December 2017.

“We are pleased to add First Care’s patients to the 66,000 patients Elara Caring and our subsidiaries provide outstanding home health care to every day,” G. Scott Herman, CEO of Elara Caring, said in a press release.

Allen Health Care Services does not plan to restructure the First Care team, according to a press release.

“Growing our business in part through acquisitions in markets we already serve is one component of our overall growth plan, and we believe this transaction tracks nicely with out overall strategy,” Herman said. “Expanding our services in the New York City area fits nicely with out mission of providing the right care, at the right time, in the right place.”

Hospice Source, LLC Completes Another Acquisition

Hospice Source hasannounced it’s expanding its footprint into the Oklahoma market by purchasing Redrock Medical. This is the seventh acquisition for Hospice Source.

Carrollton, Texas-based Hospice Source is a national provider of medical equipment and respiratory therapy focused on the hospice market exclusively. The company currently offers services to patients and hospice providers in 10 states across 65 locations.

“Redrock Medical has a like ‘culture of compassion’ to that of our company,” Jeff West, CEO of Hospice Source, said in a press release. “The owners and personnel of Redrock have well served their patients for the last seven years and we are honored to further assist that effort by bringing our technology and capital to assist them going forward.”

Hospice Source is backed by Transition Capital Partners, a Dallas-based private investment firm. No financial terms were disclosed.

Home Health Agency Reopens After Sale

Wilson County’s public home health agency has a new name and location.

The agency will now be called Home Health of Wilson, according to the Wilson Times. 

The sale of North Carolina’s 50-year-old home health agency to In-Home Partnership was finalized at the beginning of September.

In-Home Partnership is a joint venture between Duke LifePoint and LHC Group. 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.

“With the completion of the acquisition by the LHC Group and LifePoint Health, Home Health of Wilson will be affiliated with Wilson Medical Center, enabling a seamless coordination of care for the patients they serve,” a joint press release stated.

Advantage Home Care Partners with TEAM Services Group

TEAM Services Group is partnering with Advantage Home Care. The partnership was formally announced last week.

St. Louis-based Advantage Home Care provides services to clients across Missouri and Illinois.

TEAM Services Group, a portfolio company of Alpine Investors V and V SBIC, provides household employment and home care solutions.

Alpine is a private equity firm specializing in software, online and business services industries.

“We are thrilled to begin this great partnership,” John Bosen, president of Advantage, said in a press release. “Our company cultures have focused on creating an environment driven by integrity, caring, commitment, compassion, excellence and trust. This link in service and philosophy drives us and gives me great confidence in our ability to expand the collective impact we can have on the communities we serve.”

Advantage will operate within TEAM’s platform TEAM Public Choices (TPC), a facilitator of caregiver support for people with disabilities and the elderly that operates in 20 states.

“The opportunity to join forces with Advantage is very exciting,” Josh Greenberg, CEO of TEAM, said in a press release. “Advantage’s well-respected and experienced leadership team has established a vibrant culture of excellence, and TEAM shares the same passion for helping our clients live better lives through quality care.”

Written by Kaitlyn Mattson