All Metro Health Care, a portfolio company of One Equity Partners, has closed its buy of Independence Healthcare Corp. Financial terms weren’t announced. Independence Health, of Worcester, Massachusetts, provides non-medical home healthcare services.
NEW YORK – AUGUST 9, 2017 – One Equity Partners, a middle market private equity firm, today announced that its portfolio company, All Metro Health Care (“All Metro”), has completed the acquisition of Independence Healthcare Corp. (“Independence” or “the Company”), a provider of non-medical home healthcare services. Terms of the private transaction were not disclosed.
Headquartered in Worcester, Mass., Independence’s caregiver employees provide a range of homecare services including meal preparation, assistance with personal care, companion care, and transportation to seniors. Independence has provided high quality care giving, improved quality of life and assistance services to an aging population in Central Massachusetts since its founding in 2003.
“We are excited to welcome Independence to the All Metro family,” said David Middleton, President and CEO of All Metro. “We saw in Independence an opportunity to extend our service offering into Central Massachusetts, and leverage the strong brand recognition Independence has achieved in that market.”
Independence will operate as a subsidiary of Multicultural Home Care, a Lynn, Massachusetts-based subsidiary of All Metro, which is headquartered in Valley Stream, N.Y. Elaine Sullivan, Director of Operations at the Company, will retain her title and report to Carolyn McCarthy, President of Multicultural Home Care.
“Independence has an excellent reputation for its high quality services and unwavering support to its clients, so we are excited that Elaine and her team are joining All Metro,” said Greg Belinfanti, Senior Managing Director of One Equity Partners. “We look forward to working closely with Carolyn, Elaine and the team at Independence as All Metro further expands its range of personal home care services in Central Massachusetts through this strategic acquisition.”
This is the second acquisition All Metro has made since One Equity Partners acquired a controlling stake in the business in February 2016. All Metro’s previous acquisition was the purchase of Multicultural Home Care (“Multicultural”), a leading provider of home healthcare services in the Greater Boston area, in December 2016.
With this acquisition, All Metro has 12 branch offices located in New York, 16 in Pennsylvania, five in Massachusetts, two in New Jersey, and two in Florida.
“We are excited to join with All Metro as they continue to serve seniors across Massachusetts with the same high quality, premium home care services that Independence has provided our clients over the last 14 years,” said Sullivan.
About One Equity Partners
One Equity Partners 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. One Equity is a trusted partner with a differentiated investment process, a broad and senior team, and an extensive track record generating long-term value for its partners. Since 2001, the firm has invested in more than 140 transactions worldwide. One Equity, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York and Chicago, and an advisory office in Frankfurt. For more information, please visit www.oneequity.com.
About All Metro Health Care
All Metro Health Care is a leading provider of home care services to patients in New York, Pennsylvania, New Jersey and Florida. All Metro provides a wide range of services from basic services, such as providing a homemaker to assist with meal preparation and light housekeeping for a few hours a day or a home health aide to provide assistance with activities of daily living, to complex home nursing services provided by around-the-clock Registered Nurses. All Metro was founded in 1955 and is headquartered in Valley Stream, NY. For more information, please visit: www.all-metro.com.