Nova Leap Completes New Hampshire Home Health Care Acquisition
Nova Leap Health Corp. (TSXV: NLH), an international provider of personal home care and support services, has completed its acquisition of the business assets of New Hampshire-based Living at Home SeniorCare. Nova Leap is a Canadian company based in Halifax, Nova Scotia.
The execution of the definitive agreement and related information pertaining to the acquisition were previously announced in August.
Under terms of the acquisition, Nova Leap subsidiary Armistead NH II, Inc. acquired the business assets of Living at Home SeniorCare, including customer contracts and intellectual property. The acquired business will begin to operate under one of Nova Leap’s existing brands, Armistead Senior Care, which has operations in Vermont and New Hampshire.
Nova Leap’s forecasted annualized recurring revenue run rate is about $15 million following the acquisition of Living at Home SeniorCare’s business, according to the company.
The acquisition represents Nova Leap’s eighth investment in New England and third in New Hampshire. The company currently has about 600 employees in Vermont, New Hampshire, Rhode Island, Massachusetts and Nova Scotia.
Nova Leap, which first went public in 2016, has been particularly active in recent months in acquiring, managing and building home care services companies. It generally focuses on the highly fragmented market of smaller, privately held companies.
The company completed the purchase of its third Massachusetts home care business earlier in October.
Nova Leap is eying continued grow through an ongoing strategy that combines acquisitions and organic growth with a focus on North American companies.
Molina Healthcare Reaches Agreement to Sell Pathways Health and Community Support
Molina Healthcare, Inc. (NYSE: MOH) has completed the sale of Pathways Health and Community Support, LLC, a provider of home and community-based human services, to Atar Capital, LLC, a global private investment firm.
In line with a renewed focus on its health plan business, Molina Healthcare identified Pathways as a non-core asset. The decision to part with Pathways was also tied to Molina Healthcare’s continued execution of its margin recovery and sustainability plan, according to the company.
Molina reportedly sold the business for a nominal purchase price.
Pathways provides national home and community-based human services, offering a full spectrum of social service and behavioral health solutions to more than 60,000 children, adults and families in 17 states and Washington, D.C.
Molina Healthcare provides managed health care services under the Medicaid and Medicare programs and through state insurance marketplaces. Molina Healthcare served about 4.1 million members as of June 30, 2018.
Written by Robert Holly