Transactions: Help at Home Acquires Prime Home Care; New Day Healthcare Secures $55.5M

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Help at Home’s latest move

Chicago-based Help at Home has acquired Prime Home Care, an in-home care provider that offers both home health and home care services across nine Ohio locations, including the large markets of Columbus, Toledo and Cincinnati.

Headquartered in Maineville, Ohio, Prime has been delivering home-based care to clients since 2006. The company currently serves about 900 individuals, according to a Help at Home press release.

“We’re pleased to bring our unique home care service value proposition into Ohio as we welcome Prime Home Care to the Help at Home family,” Help at Home President Tim O’Rourke said in the release. “We believe we can add value in the Ohio market, enabling more individuals to age in place in their homes.”

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On its end, Help at Home and its 30,000 caregivers offer in-home and community-based care in 13 states. The provider serves about 45,000 clients on a monthly basis.

The purchase of Prime comes less than a month after Help at Home made two other acquisitions: Pennsylvania-based Meridius Health and the non-clinical business of Georgia-based Altamaha HomeCare.

Strategically, Help at Home is looking to build density in its existing markets while expanding into new ones as well.

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“As we expand into new markets like Ohio, Help at Home is well-positioned to deliver growth through strong organic and inorganic capabilities,” Help at Home Chief Growth and Strategy Officer Elina Onitskansky said in the release. “Our differentiated platform supported by a scaled, national presence and coupled with our commitment to local presence brings a unique service offering to states, caregivers and clients.”

New Day Healthcare lands $55.5 million in financing

New Day Healthcare has secured $55.5 million in financing from CIT Group Inc. (NYSE: CIT) and its Healthcare Finance business.

New Day Healthcare is a company that partners with home health and hospice providers to care for 7,500 patients across Missouri, Kansas, Illinois and Texas. Businesses include the operations of Texas-based AssistCare, Home Care Partners of Texas and New Age Hospice, as well as Midwest-based Phoenix Home Care and Hospice.

G. Scott Herman — a home health veteran and the former CEO of Elara Caring — is the founder and CEO of New Day Healthcare.

“Our team has had a long-term relationship with CIT, who has been one of our instrumental partners building some of the industry’s most significant organizations,” he said in a statement. “We are excited to continue our growth, partnered with CIT, as we seek multiple acquisition opportunities.”

The financing consists of a senior secured loan, a delayed draw term loan and a revolving line of credit.

“Post-acute care is a vital part of the overall health care system,” William Douglass, managing director and group head for CIT’s Healthcare Finance business, said. “We were pleased to support New Day Healthcare as it expands its portfolio of businesses that serve the market for home care and hospice services.”

Peterson Partners backs Ennoble Care

Investment firm Peterson Partners has invested in Ennoble Care. The investment was made in partnership with Trilogy Search Partners, Maven Equity and additional undisclosed stakeholders.

Health care entrepreneur Kush Das, founder of the investment firm Circa Health, will take the helm as chairman and CEO of Ennoble.

“Ennoble Care provides high-quality patient care to frail seniors, with thousands served during the pandemic through tens of thousands of community-based patient encounters,” Das said in a press release. “Our value-based care and growth-operations toolkit, along with Ennoble’s tech-enabled, clinical operation, will provide tremendous value for our patients and their communities.”

Ennoble Care provides hospice, home health, palliative care and home-based primary care throughout the Northeastern U.S. The infusion of capital from its new investors will help accelerate growth.

A key component of the company’s growth plans involves capitalizing on emerging value-based payment models, Das told Hospice News.

“We are a part of the Center for Medicare and Medicaid Innovation’s (CMMI) Direct Contracting Model, which will allow us to take a value-based care approach that is inclusive of primary, palliative and hospice care,” he said. “And develop preferred-provider partnerships that support that approach across the continuum.”

Peterson Partners holds more than $1 billion in assets, including 64 portfolio companies. The firm’s investments focus on real assets, private equity, seed-stage ventures and search funds.

Abramson Senior Care, Vesta Healthcare team up

Vesta Healthcare, an in-home care technology and clinical services organization, is partnering with Abramson Senior Care.

The partnership incorporates Abramson Senior Care’s connected continuum of home- and community-based services with Vesta’s technology, enabling real-time data sharing and notification of changes in health status and other services.

The goal, according to the new partners, is to catch early warning signs of changing health conditions, prompting preventative interventions and, in turn, better health outcomes.

“Vesta Healthcare and Abramson Senior Care are committed to supporting not just the seniors in the Philadelphia region, but those who care for them as well,” Randy Klein, CEO of Vesta Healthcare, said in a statement. “Through this partnership, we’re proud to provide the connections seniors need to remain as safe and healthy as possible, and create a model for delivery of the highest quality care when and where people need it most.”

The New York City-based Vesta raised $65 million in growth capital in April, led by Deerfield Management Company, with participation from existing investors Oak HC/FT, Kaiser Permanente Ventures, Lux Capital and others.

Vesta Healthcare was formerly known as HT Health, the developer of Hometeam.

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