Kinderhook Industries has sold Home Health Care Holdings, parent company of Nurse on Call to Emeritus Corporation for $102.5 million. Emeritus is a provider of assisted living and memory care services. Nurse on Call has been a portfolio company of Kinderhook since 2005 and the realization represents a return on invested capital of over 5.0x, including prior distributions, for Kinderhook.
Kinderhook Industries, LLC (“Kinderhook”) announced today the sale of Home Health Care Holdings, LLC, parent company of Nurse on Call, Inc. (“NOC”) to Emeritus Corporation (NYSE: ESC) for $102.5 million for 91% of the equity of NOC’s parent company, and the remaining equity will be owned by certain members of NOC’s management team. Emeritus is the nation’s largest provider of assisted living and memory care services. NOC has been a portfolio company of Kinderhook since 2005 and the realization represents a return on invested capital of over 5.0x, including prior distributions , for Kinderhook.
Based in Lake Worth, Florida, NOC is a Medicare licensed home health care agency that employs registered and licensed nurses to provide a variety of medically necessary services to home bound patients. Services provided by NOC include skilled nursing, home health aide and medical social services. The Company is regionally focused with multiple offices located throughout the state.
“NOC’s partnership with Kinderhook enabled the Company to successfully navigate through a dynamic period of change in the healthcare industry,” said Dale Clift, CEO of Nurse on Call. “The Kinderhook team fully supported our growth strategy. As a result, we were able to open 28 offices throughout Florida, employ over 1,700 caregivers and offer services throughout 47 Florida counties.”
“Kinderhook is proud of the accomplishments of the company’s management team and hard-working employees over the past seven years,” said Chris Michalik, Managing Director at Kinderhook Industries. “Mr. Clift and his team achieved impressive revenue and EBITDA growth and more importantly, built a company which is operationally sound with a culture committed to delivering high levels of service and patient care. NOC is well positioned to continue to thrive under Emeritus’ ownership.”
Kirkland & Ellis LLP served as legal counsel to Nurse on Call.