NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has completed the sale of Simplura Health Group (“Simplura” or “the Company”), a provider of high-quality home care services for the elderly and disabled, to Providence Service Corporation (Nasdaq: PRSC).
Headquartered in Valley Stream, N.Y., the Company employs over 15,000 professionals, including 14,300 direct caregivers from a network of 57 locations in the States of New York, Pennsylvania, Massachusetts, Connecticut, West Virginia, Florida and New Jersey.
“Simplura’s growth trajectory during our ownership reflects OEP’s expertise in building leading businesses through complementary acquisitions that expand market share and position our portfolio companies for sale to strategic buyers,” said Greg Belinfanti, Senior Managing Director at One Equity Partners. “Our partnership with Simplura enabled us to build a leading national home health care brand to meet the strong demand for value-based care in key markets, and Medicaid managed care and Medicare Advantage program populations.”
Following OEP’s investment in 2016, Simplura executed eight add-on acquisitions that grew the Company’s geographic footprint across seven states and generated revenue at a CAGR of 14 percent.
In addition to driving Simplura’s growth, OEP invested in operational improvements and technology infrastructure to significantly improve the Company’s back-office homecare management, payroll, finance, administration, education and training processes.
“More states are seeking to transition seniors and disabled patients out of long-term care facilities and into home and community-based settings to generate greater patient satisfaction and positive outcomes,” said Brad Coppens, Managing Director at One Equity Partners. “We believe Simplura led by CEO David Middleton and his talented team is well positioned for the next stage of its growth under the ownership of Providence Service Corporation.”
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About Simplura Health Group
Simplura Health Group’s origins date back to 1955 when the founding organization – All Metro Health Care – began providing services in Long Island, NY. Since then, All Metro has expanded across the state of New York and acquired operations in Pennsylvania, Massachusetts, Florida, New Jersey, West Virginia and Connecticut to become one of the largest and most respected home care companies in the country. In 2018, these operations were brought together under the brand Simplura. Simplura, which is derived from Latin for “Better Together,” recognizes the deep engagement and shared identity that is common across the family of home care companies that make up Simplura Health Group. Simplura is one of the leading providers of home care services including assistance with activities of daily living and complex home nursing services. For more information, please visit www.simplura.com.