One Equity Partners completes sale of Simplura Health Group
One Equity Partners (OEP), a middle market private equity firm, has completed the sale of Simplura Health Group (Simplura), a provider of high-quality home care services for the elderly and disabled, to Providence Service Corporation (PRSC).
Headquartered in Valley Stream, NY, the Company employs over 15,000 professionals, including 14,300 direct caregivers from a network of 57 locations in the States of New York, Pennsylvania, Massachusetts, Connecticut, West Virginia, Florida and New Jersey.
“Simplura’s growth trajectory during our ownership reflects OEP’s expertise in building leading businesses through complementary acquisitions that expand market share and position our portfolio companies for sale to strategic buyers,” says Greg Belinfanti, Senior Managing Director at One Equity Partners. “Our partnership with Simplura enabled us to build a leading national home health care brand to meet the strong demand for value-based care in key markets, and Medicaid managed care and Medicare Advantage program populations.”
Following OEP’s investment in 2016, Simplura executed eight add-on acquisitions that grew the Company’s geographic footprint across seven states and generated revenue at a CAGR of 14 per cent.
In addition to driving Simplura’s growth, OEP invested in operational improvements and technology infrastructure to significantly improve the Company’s back-office home-care management, payroll, finance, administration, education and training processes.
“More states are seeking to transition seniors and disabled patients out of long-term care facilities and into home and community-based settings to generate greater patient satisfaction and positive outcomes,” says Brad Coppens, Managing Director at One Equity Partners. “We believe Simplura led by CEO David Middleton and his talented team is well positioned for the next stage of its growth under the ownership of Providence Service Corporation.”