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Home Health, Home Care, and Hospice

As the longest running active sector in health care services M&A, home care and hospice have produced nearly 3,000 transactions over the last 20 years

As alternative, capitated, and other population-based reimbursement options continue to gain traction, buyers continue to see all the segments of home care—Medicare, Medicaid, private duty, and hospice—as key components to lowering cost and improving outcomes.

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Combined Deal Value

The total value of all of the deals closed by The Braff Group in the Home Health, Home Care, and Hospice sector.

Total Deals Made

The combined number of deals closed by The Braff Group in the Home Health, Home Care, and Hospice sector.

Deal Valuation Comps

The total number of valuation market comps in our database for the Home Health, Home Care, and Hospice sector.

Home Health, Home Care, and Hospice Market Trends

This interactive module keeps you informed with annual and quarterly performance graphs, giving you a clear view of key trends, valuation movements, and market dynamics.

Source: The Braff Group

Client Success Stories

Publicly Traded Company Engages Braff to Divest Home Health Division

Addus HomeCare (ADUS: NASDAQ) decided to divest 21 home health locations across seven states to focus on its personal care business. As a serial acquirer, Addus worked with many mergers and acquisitions advisory firms, but when it came to selecting one to represent them in a divestiture, they chose The Braff Group. We successfully completed a deal for all the locations with LHC Group (LHCG, now part of UnitedHealthGroup), with Addus retaining a 10% interest in select states going forward.

  • Buyer
    LHC Group
  • Significance
    Corporate Divestiture
Press Release
Braff Represents Home Care Franchisor in Sale to Private Equity Sponsors

In representing Always Best Care, one of the nation’s largest Private Duty Home Care Franchisors, we pursued a two-pronged strategy; one focused on buyers with specific interests in home care, and another focused on buyers with experience and expertise in acquiring franchise operations. The latter approach surfaced Gemini Investors and Plenary Partners who completed the transaction with support from TCF Capital Funding. The partnership focused on accelerating its domestic franchisee growth and international expansion and remains successfully in place today.

  • Buyer
    Gemini Investors and Plenary Partners
  • Significance
    Sale of Franchisor
Not-for-Profit Engages Braff in Sale to Publicly Traded Company

In order to add resources to its foundation to fund other community health care initiatives, the board of directors of JourneyCare Hospice, one of the largest independent and NFP hospice providers in the country with a census of approximately 750, engaged The Braff Group to find an acquirer. While many offers were submitted, the board ultimately selected Addus in a deal worth $85 million.

  • Buyer
    Addus HomeCare
  • Significance
    Addus HomeCare
Braff Relationship Leads to Mid-Nine Figure Transaction for Niche Homecare Provider

Giving Home Health is a highly specialized provider of home health services to individuals exposed to radiation whose care is funded under the Department of Energy. The Braff Group was selected over a bulge bracket investment bank to represent Giving, Given its narrow niche, we needed to look beyond the traditional buyer pool of home care providers and private equity to find the best fit. Leveraging our long-standing relationships with industry leaders, we identified Lou Little, former CEO of Harden Healthcare, who put together a consortium of investors to acquire the company.

  • Buyer
    FS Investments, Capital Southwest, Gladstone Companies
  • Significance
    Execution
Braff's Advice to Delay Going to Market Leads to $200M Deal

When we first engaged with Accredited, they were essentially a traditional Medicare-certified home health provider. While sizeable, we advised them to delay going to market to increase their valuation. Over the course of multiple years, we stayed close to the firm, continually monitoring the business and its exit opportunities. Ultimately, Accredited recognized the opportunity in managing self-directed care for individuals with developmental disabilities, and the firm exploded in revenues and profitability. Once they achieved double-digit EBITDA (in millions), we advised that they go to market, where they ultimately sold to Aveanna for more than $200 million.

  • Buyer
    Aveanna Healthcare
  • Significance
    Timing

Home Health, Home Care, and Hospice Managing Directors

“Working with Kristopher Novak and his team was a true pleasure. I cannot find the words to say enough accolades on their entire process to show my company to the best buyers and achieve such a positive outcome that I only dared to dream could come true.
 
I will be forever grateful for my experience working with The Braff Group.”

Charles Symes

Alegre Care
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“My experience with Braff, and especially with Mark Kulik, was nothing short of exceptional. What sets Mark apart is not just his expertise in M&A within home health, home care, and hospice—but his long-term commitment, integrity, and wisdom... At one point, he even advised us to walk away when a buyer’s vision didn’t align with ours—then went right back to work to find a better fit. And he did..."

Johnnie Garmon

Providence Care
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“When my two physician partners and I acquired a hospice company in 2013, one of our earliest conversations centered around the importance of an exit plan... We were introduced to Mark Kulik by the previous owner—before we had even finalized our acquisition... Over the course of the next nine years, Mark became an invaluable mentor... When the time finally came to sell, Mark was instrumental in identifying and attracting qualified buyers... I’m confident we would not have received the multiple offers, or achieved the strong sale price we did without Mark and his team..."

Elizabeth Morgan, MD

Hospice of New Mexico
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“...Mark was an amazing guide and mentor... when the time came to sell, we were positioned well and could move forward with the process without having to spend months (or years) getting the business in shape to sell... Braff and Mark were informative, respectful, and incredibly supportive in helping us move through the process of selling our business in a manner that fit our goals for handing over the company we built and the employees we cared for... It’s been years since we sold and we still talk about how glad we were to have engaged Braff early and through our sale process.”

Margaret J. Nolan, MD

Hospice of New Mexico
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“I thoroughly valued and enjoyed Mark’s expertise and guidance in the years before selling and during the process itself; He was always able to provide very clear recommendations on what to do to have our hospice ready to sell, fully compliant, to avoid last-minute, rushed decisions. I would wholeheartedly recommend him and his company, as I know that without his help and support we would not have been able to have had the outcome we had...”

Francesco

Hospice of New Mexico
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“A few years ago it was decided... my husband and I were ready to sell our pediatric home healthcare business. We began a search for a M&A company and a person within that company to represent us in the sale process... We chose Braff and were assigned Mark Kulik. From the beginning, we knew we had the right advisor... He presented our company to the buying community in a very precise and succinct manner that showed what we did and how we did it... When we chose the buyer, made the choice to who we were selling to Mark’s negotiating skills led us to a sale that far exceeded our expectations... They are committed to their customers and rely on their morals, ethics and outstanding communication skills to make the sales process one that we continue to believe resulted in the best possible conclusion. Choosing Braff will be the best possible decision you can make.”

Susan Wingert

Pediatric Home Service
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“I owned Accredited Home Care for over 41 years... In early 2021, I made the decision to sell the company, I had known The Braff Group for over 30 years... We entered into the final agreement with The Braff Group in late Jan. 2021. The goal was to close the deal no later than December 31, 2021. This was a very aggressive timeline, but The Braff Group thought they could achieve this... After 6 weeks of due diligence and further negotiations, the deal closed on November 30, 2021 with the price and terms that were agreed... I would highly recommend them if you are considering selling your home care company.”

Barry Berger

Accredited Home Health
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“Integrity is the first word that comes to mind when we think of Mark Kulik. When we began searching for representation, finding the right person felt challenging. As our search progressed, industry experts repeatedly recommended Mark Kulik. .. Mark and his expert team immersed themselves in the details of our business and personal objectives. They have a unique ability to capture the details that make a difference. Throughout our on-market experience, we faced successes and challenges—from navigating complex demands to unexpected market shifts. Through it all, Mark remained steadfast, leveraging his remarkable business acumen to close our deal..."

Corbin and Casey Craig

Giving Home Health Care
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“Owners often wonder if it’s really worth paying an investment banker to sell their business. Does the investment banker actually earn their fee? With Braff, the answer is unequivocally yes. They take their business seriously and deliver exceptional advice and results... If you are considering selling your business, the Braff Group’s highly skilled, efficient process and vertical specific knowledge truly add substantial value.”

Bruce Dalglish

Alliance Hospice LLC
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“Many thanks for being our guide and mentor through this transaction – I sit back and think at times how very lucky VNA of Ohio was to find your group as well as VNA Health Group. You helped to make a very difficult decision almost easy! I am thankful that you worked just as hard as we did here to solidify a successful outcome for us!”

Lisa Kristosik

VNA of Ohio
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“The Braff Group did a tremendous job guiding us through our process to find an equity partner for our company in 2014. They represented us with the utmost professionalism and advocacy using their network to get us the visibility we needed. Any post-acute business owner – especially in the home health and hospice sectors – would be well-served in having The Braff Group represent them.”

David Curtis

Residential Home Health and Hospice
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“From our first meeting, I sensed your deep knowledge about the healthcare industry. That served us well, but perhaps your greatest contribution was the patience with which you helped all parties move forward.”

Tricia Cushnie

Mature Options
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“We could not have asked for a better, more professional, or knowledgeable team to represent us in our negotiations. Alan, Bob, and I value the input and guidance we have received. You guys have been a pleasure to work with and we would be happy to offer a reference for anyone considering working with your team.”

Jeff Hammond

Sea Crest Home Health and Hospice Services, Inc.
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