Seller: Connected Home Care
Keywords: HouseWorks, Connected Home Care, Homecare, Mike Trigilio, Jim Reynolds
HouseWorks (“the Company”), one of the nation’s largest independent home care companies, announced today that it has signed a definitive agreement to acquire Connected Home Care, a leading home care provider serving Medicaid, dual-eligible and private pay clients throughout Eastern Massachusetts. The Company expects to close the acquisition by December 31, 2021.
The Company’s acquisition of Connected Home Care allows HouseWorks to enter the Medicaid personal care sector by servicing Aging Services Access Points (ASAPs) and other payors, a sector extremely familiar to HouseWorks’ CEO Mike Trigilio. Trigilio has extensive experience running in-home personal care businesses with diverse payor mixes, including Medicaid/ASAP, dual-eligible and private pay. The combination of HouseWorks’ high-touch private pay model and Connected Home Care’s ASAP and other payor relationships will create a premier personal care provider in Massachusetts and the Northeast. Connected Home Care also provides personal care services to a group of private pay clients that is extremely complementary to the current HouseWorks business. HouseWorks remains firmly committed to its premier private pay home care business. This transaction will allow further investment into improved services and recruitment and retention of high-quality and compassionate caregivers as well as expansion of HouseWorks’ private pay business to new markets within Massachusetts.
Mike Trigilio, CEO of HouseWorks, said, “We are excited to announce the acquisition of Connected Home Care and welcome its experienced staff and talented group of caregivers to the HouseWorks family of companies. Connected and its team are extremely well respected and have a strong reputation across Eastern Massachusetts. With our expanded footprint in Massachusetts and entering into the Medicaid space, this acquisition allows us to diversify our payor sources and capitalize on the growing need for home care across all demographics.”
Jim Reynolds, the founder and current CEO of Connected Home Care, said, “I believe we have found true partners. Our organizations share common values, a mission to deliver the highest quality of care, and a passion for achieving meaningful impact in our clients’ lives each and every day. This is an exciting change that will benefit our clients, our caregivers, and our team members, and I am excited for the future combination of these two great businesses.”
The acquisition is part of HouseWorks’ continued strategy to acquire in-home service providers that share its values and commitment to quality both within and outside its geographic footprint. “All of our companies share a common mission based on creating positive experiences between the caregivers and clients and we believe Connected Home Care furthers our commitment to providing higher quality of care to our clients in their home,” said Trigilio.
Terms of the transaction were not disclosed.
For more than 20 years, HouseWorks has provided elders and their families the highest standard of private, dependable in-home care. Our proprietary BetterCare at Home® approach leverages personalized care services and innovative technology to guide the work of our caregivers as we help seniors stay safe, comfortable, and engaged in their life – at home. HouseWorks is a national and local leader in home care serving Greater Boston and Philadelphia, New Hampshire, and Southern Maine.
The M&A market for healthcare companies continues to strengthen in 2021 and ahead of the projected increases in US capital gains taxes. There is unprecedented capital in market, the lowest interest rates in US history and strong acquirer motivations for high quality healthcare companies. Across the continuum of care, buyers and investors are looking for well established, profitable businesses and offering strong valuations and options for management.
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