Transactions: Fortis Buys Select; Nova Leap Completes Acquisition of South Carolina Home Care Business

Fortis Home Health & Hospice acquires Select Home Health

Fortis Home Health & Hospice — Grant Avenue Capital’s home-based care buy-and-build initiative — has acquired Select Home Health. The financial terms of the deal were not disclosed.

“It did not take long for us to realize that Grant Avenue Capital, alongside Fortis, shared our same vision of patient-centered home health care,” Tim Leonard, founder and president of Select, said in a press release. “This partnership will allow our clinicians and support staff to leverage our technology-enabled platforms to provide great care to additional patients across the state.”

Under the deal, Fortis will share ownership with Select’s founders, who have reinvested, along with other stakeholders.

The acquisition expands the Salt Lake City-based Fortis’ footprint into the Midwest. The deal is Grant Avenue Capital’s eighth add-on acquisition in 2021.

In addition to the acquisition, Grant Avenue Capital has named Mike Gregory president and chief growth officer of Fortis.

“The founders of Select built their organization to deliver the highest quality of patient care, which is exactly inline with Fortis’ mission and why we are so excited to partner with them,” Gregory said in a press release.

Nova Leap buys South Carolina Home Care business

Nova Leap Health Corp. (TSXV: NLH) has completed the purchase of an undisclosed South Carolina home care business.

“We’re pleased to enter the South Carolina market,” Chris Dobbin, president and CEO of Nova Leap, said in a press release. “We are looking forward to working with the team as we plan further expansion within the region.”

Nova Leap is a home health organization that has been growing in the U.S. The company has operations in seven different U.S. states within the New England, South Central and Midwest regions, plus Nova Scotia in Canada.

Prior to this deal, Nova Leap’s most recent home-based care transaction was a provider in Oklahoma.

Traditions Health purchases Homestead Hospice

Traditions Health has acquired Homestead Hospice, a portfolio company of the investment firm Dorilton Capital Advisors.

“We are thrilled to welcome Homestead to the Traditions family,” David Klementz, president and CEO of Traditions, said in a statement. “The scale, clinical and operational excellence that is being established with this combination of companies will create significant opportunities and advantages for our patients and employees. This is an enormous accomplishment for our organizations, and we could not be more excited to integrate two excellent organizations.”

The deal expands Traditions’ footprint in Georgia and South Carolina. It also establishes the company’s presence in Alabama.

“We are proud to combine our company’s reach and experience with Traditions and to help them expand their presence in key markets,” Mallie Abdsharafat, CEO and founder of Homestead Hospice, said in a statement. “This combination enables our company to grow and expand our excellent end-of-life care throughout the nation while ensuring continuous and consistent delivery of the best quality of care for our patients. We have chosen to combine with Traditions because we are like-minded and believe in constant improvement of quality of care to achieve the best patient outcome. We look forward to working alongside the Traditions team.”

Rubicon Founders buys majority stake in U.S. Medical Management

Rubicon Founders has closed its first purchase. The company bought a majority stake in U.S. Medical Management (USMM) — a home-based health care and aging services company — from Centene Corp. (NYSE: CNC).

Under the deal, Centene will retain a minority stake in the company.

Investment firm Rubicon Founders originally launched in April with the goal of building and growing transformational health care companies.

“My interest in health care always starts and ends with the patient,” Adam Boehler, CEO of Rubicon Founders, said in a press release. “This is an incredible opportunity to transform care for the most vulnerable in our society. This is the beginning – I am incredibly excited to work with the entire team at USMM to grow and expand nationwide.”

Broadly, Rubicon’s investment in USMM reflects the growing interest in value-based care businesses.

“Our focus is, ‘Where can you make a very significant difference from a value-based care perspective,’” Boehler told Home Health Care News in November. “Obviously, the home is a major part of that.”

TCARE acquires a New York-based software firm

TCARE, a senior-focused tech startup, has purchased a New York-based Ruby Home Services Inc. The financial terms of the deal were not disclosed, according to reports from St. Louis Inno.

Ruby Home Services was founded by New York-based venture firm 25madison.

“In assessing the aging-in-place environment, the Ruby team recognized the immense problem of caregiver burnout,” Steven Price, CEO of 25madison, told St. Louis Inno. “When we were introduced to TCARE, we were impressed with the advanced caregiver solutions they had developed. The combination of TCARE’s best-in-class caregiver solutions with Ruby’s focus on enhancing the lives of seniors brings us closer to solving our shared mission: creating a hub for aging that touches multiple facets of seniors’ lives. Together, we can allow more seniors to age safely and happily in the homes they love.”

Ruby Home Services’ software is used to conduct home safety assessments for the elderly.

Meanwhile, TCARE’s analytics program helps social workers, care managers and care coordinators assist family members and caregivers responsible for older adults.