- Led by CEO Guillermo Salazar, former Univita exec
- Home-based services include nursing, equipment delivery
- Other providers in play: CareCentrix, Landmark Health
One HomeCare Solutions, a hybrid home health-services and care-management company, is exploring a sale, Buyouts has learned.
Oppenheimer has been hired to advise the Miramar, Florida, company on a sponsor-driven sales process, the sources said. The process has launched but remains in its early stages, they added.
One HomeCare, which to date has not received any outside capital, generates Ebitda in the mid-teens, sources said.
The company manages and coordinates a range of home-based services for its associated health plan members. The company provides in-home nursing and therapy services, in-home infusion and injectable pharmacy services, as well as provides and delivers durable medical equipment and supplies to the home.
The company has a footprint in Florida and Texas, one of the sources said.
One HomeCare is led by CEO Guillermo Salazar, who was previously with Univita Health, the provider of home-based care management that ultimately went bankrupt. Salazar founded and served as CEO of Atenda, a home-health care benefit manager that Genstar Capital-backed Univita bought in 2010.
Univita filed for Chapter 7 bankruptcy in August 2015 after Florida Medicaid terminated its managed-care contracts. The bankrupt home health services provider sold $2.5 million of assets in November to Miami-based Integrated Home Care, Law360 reported.
Integrated Home Care has a model similar to One HomeCare, yet sources noted that much of the former’s revenue stems from Puerto Rico.
Another operator that plays within the intersection of home health and payer services is CareCentrix, whose backers include Summit Partners and Water Street Healthcare Partners. The company is the only national player in home-care-benefits management.
CareCentrix differs from One HomeCare in that it focuses on the commercial payer population, as opposed to services reimbursed via Medicare or Medicaid.
CareCentrix was working with UBS and Allen & Co on a sales process as early as last fall. The auction, initially reported by Reuters, has yet to produce a deal. Sources previously suggested the company could fetch a valuation upward of $1.3 billion.
Francisco Partners’ Landmark Health also offers similar home-based services, one of the sources noted. The Wall Street Journal reported in late January that Landmark, which is projecting about $53 million in 2018 Ebitda, is considering a full or partial sale via Barclays.
An Oppenheimer spokesperson declined to comment, while individuals with One HomeCare couldn’t immediately be reached.
Action Item: Learn more about One HomeCare here: http://www.onehomecaresolutions.net/
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