WayPoint Capital recaps One Homecare

  • One Homecare serves managed-care patients in FL, TX
  • Privet Capital PE affiliate also owns DME Express; previously backed HealthSun
  • Nautic recently bought rival Integrated HomeCare

WayPoint Capital Partners has recapitalized One Homecare Solutions, which coordinates infusion care, nursing services and delivery of durable-medical-equipment services in the homes of its member-patients, Buyouts has learned.

The transaction comes after a Buyouts February report revealed that the privately held company had engaged Oppenheimer for a sponsor-driven sales process.

The deal hasn’t been formally announced, but Philip Edmunds, principal at WayPoint, the private equity affiliate of family office Privet Capital, confirmed the transaction to Buyouts.

“We focused our investment thesis on the delivery of value-based care in the home and eventually across the entire post-acute care continuum, and identified One Homecare Solutions as an ideal platform from which to build a national leader,” Edmunds said.

“One Homecare stood out based on the quality of its team, technology, and outcomes with leading national plans and delegated provider customers.”

One Homecare, Miramar, Florida, manages and offers a range of home-based services for its associated health plan members in Florida and Texas.

It offers in-home nursing and therapy services, in-home infusion and injectable pharmacy services, and it provides and delivers durable medical equipment and supplies to the home.

The company currently serves hundreds of thousands of managed-care patients in its current markets and is expanding into new geographies with existing and new customers, Edmonds said.

“One Homecare Solutions is unique in the post-acute-care management and home-health markets because it aligns with providers to deliver high-quality, cost-effective services through value-based and risk arrangements,” Edmunds said.

While Edmunds declined comment on financial terms of the transaction, sources previously told Buyouts the company generates Ebitda in the mid-teens.

One HomeCare is led by CEO Guillermo Salazar, who was previously with Univita Health, a 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.

While a transaction was never publicly announced, Nautic Partners quietly bought Integrated Home Care, which sources said received financial advice from Cantor Fitzgerald.

Nautic declined comment, but the company is listed as an active investment on its website.

Integrated and One HomeCare have similar business models, yet sources have said that much of Integrated’s revenue stems from Puerto Rico.

While both assets have now secured backing, some financial buyers previously expressed interest in a potential combination of the two, sources said.

For Rye, N.Y.-based WayPoint, the investment is its second in durable medical equipment. The firm in December 2016 invested in DME Express, a Southeast provider of DME rental and services to the hospice industry.

Alongside a group of investors including Summit Partners and Palladium Equity Partners, WayPoint also previously backed HealthSun, a Florida-based integrated Medicare Advantage plan and medical center network.

Anthem in September 2017 acquired HealthSun.

Action Item: Learn more about WayPoint’s investment strategy: www.waypointcapitalpartners.com/#ourstory