Home Health Market Insights PDF Free Download
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HYDE PARK CAPITAL
Investment Banking |Mergers & Acquisitions |Capital Raising
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Member FINRA/SIPC
Investment Banking | Mergers & Acquisitions | Capital Raising
Hyde Park Capital Advisors, LLC
701 N Franklin Street
Tampa, FL 33602
Tel: 813-383-0202
www.hydeparkcapital.com
Overview
Nationally recognized investment bank
founded in 2000
Over 300 transactions completed, totaling
more than $10 billion in transaction value
Extensive relationships with leading
institutional lenders, PE investors,
and strategic buyers
Proven ability to source quality buyers
and maximize deal value
Industry Expertise
Investment Banking Services
Mergers & acquisitions, recapitalizations,
and management buyouts
Capital raising of equity, mezzanine, and
senior debt capital
Financial advisory, analytical support,
and fairness opinions
Comprehensive and targeted sell-side
marketing efforts
•Healthcare •Technology
•Business Services •Industrial Services
•Financial
Services
•Consumer
HYDE PARK CAPITAL
Integrity | Expertise | Results
Home Health
Market Insights
Winter 2024
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HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
(10%)
0%
10%
20%
30%
40%
50%
HPC Home Health Index
S&P 500
▪The need for home-based care in the U.S. continues to rise in response to an aging population. By 2030, 18% of the U.S. population will
be 65 or older (up from 13% in 2021). An estimated 70% of these adults aged 65+ will likely require some form of long-term care,
increasing the need for solutions that support aging at home.
▪The home health industry remains highly fragmented despite robust M&A activity over the last few years. Mid-sized metro areas
(~500,000 residents) have 26 home health agencies on average, indicating that patients often have multiple agencies to choose from
and that few players have achieved national scale.
▪Medicare and Medicaid continue grow in importance, accounting for 58.2% of 2024 industry revenue on a combined basis. As of 2024,
nearly 50% of Medicare beneficiaries use home health care. Additionally, the Home and Community-Based Services Relief Act, proposed
by Congress during 2024, seeks to allocate more Medicaid funding to support home-based health services.
▪Public home health companies have fared well over the last year, as has the broader market, with Aveanna Healthcare and Addus
Homecare leading the charge in terms of market cap growth from February 2024 to February 2025.
Home Health Market Outlook
Market Observations
Sources: IBISWorld, CapitalIQ
HPC Home Health Index includes: ADUS, AVAH, MODV, EXE, PNTG, EHAB, AMED, BTSG.
Data as of February 6, 2025.
2024 Industry Revenue by Payer Type
58.2%
21.0%
4.9%
15.9% Medicare and Medicaid
Private insurance
Out-of-pocket
Other
35.7%
22.3%
Home Health Stock Performance
(1-year indexed stock performance
using 02/06/24 as baseline)
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Investment Banking | Mergers & Acquisitions | Capital Raising
Date Target Buyer/Acquirer(s) Target Business Description Deal Type
01/21/25
Provider of non
-medical home care, offering personal care,
companion care, and memory care services.
Platform Acquisition
01/08/25
(InTandem)
Provider of home health services, offering skilled nursing care,
personal care, and home health aide services.
Strategic Acquisition
01/08/25
(InTandem)
Provider of home care services, offering companion care, in
-home
hospice care, assistance with daily living, and related services.
Strategic Acquisition
01/07/25
Provider of home health and hospice services, offering skilled
nursing, occupational therapy, speech therapy, and home health
aide services.
Platform Acquisition
12/30/24
(Havencrest Capital)
Provider of at
-home care services, offering non-medical personal
care, companion care, and private duty nursing services.
Strategic Acquisition
10/23/24
(Trive Capital)
Provider of home health and hospice care services, offering a range
of skilled nursing and physical therapy care plans in home settings.
Strategic Acquisition
10/23/24
(BPEA)
Provider of in
-home skilled nursing services, offering physical
therapy, occupational therapy, and speech therapy services.
Strategic Acquisition
Select Home Health M&A Transactions
Sources: PitchBook, S&P Capital IQ.
--- Denotes HPC transaction.
4
HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Date Target Buyer/Acquirer(s) Target Business Description Deal Type
09/30/24
(
CenterBridge Partners)
Operator of a nurse registry, providing home health agencies with
access to nurses, home health aides, CNAs, and companions.
Strategic Acquisition
08/12/24
Provider of home health care and hospice services, offering
personal care, home health, therapy, palliative care, and hospice
care.
Strategic Acquisition
06/28/24
(Webster Equity)
Provider of home health care services, specializing in personal care
and assistance with daily living services.
Strategic Acquisition
06/28/24
(Blue Wolf)
Provider of comprehensive home health services, offering skilled
nursing, therapy services, and related specialized care services.
Strategic Acquisition
06/06/24
Provider of comprehensive home health services, including skilled
nursing, physical therapy, medical social services, and other
specialized programs.
Strategic Acquisition
05/20/24
Provider of home health services and personal care services,
including skilled nursing, physical therapy, companion care, and
other comprehensive services.
Platform Acquisition
05/16/24
Provider of home health and hospice services as well as
bereavement solutions and pain management services.
Strategic Acquisition
Select Home Health M&A Transactions (cont.)
Sources: PitchBook, S&P Capital IQ.
--- Denotes HPC transaction.
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Sources: PitchBook, S&P Capital IQ, company websites.
*Number of states with Home Health and Home Care services only.
Select Public Home-Based Care Providers
HQ: Frisco, TX
State(s): 22 States
Nationwide
HQ: Eagle, ID
State(s): 14 States
Nationwide
HQ: Markham, ON
No U.S. Locations
HQ: Atlanta, GA
State(s): 15 States
Nationwide
HQ: Chicago, IL
State(s): 31 States
Nationwide
HQ: Lafayette, LA
State(s): 38 States
Nationwide
HQ: Monroe, WA
State(s): 34 States
Nationwide
HQ: Denver, CO
State(s): CT, NY, FL,
PA, MA, WV, NJ
Operating
Locations
HQ: Baton Rouge, LA
State(s): 37 States
Nationwide
HQ: Louisville, KY
State(s): 25 States
Nationwide*
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HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Select Sponsor-Backed Home-Based Care Providers
Sources: PitchBook, S&P Capital IQ, company websites.
Note: Includes home health, hospice, personal care and other services.
Company Ownership Company Ownership Company Ownership Company Ownership
Glendale, CA Chicago, IL Chicago, IL Dallas, TX
Farmington Hills, MI
Boston, MA Herndon, VA Boston, MA
Dallas, TX Boston, MA Boca Raton, FL Westport, CT Tyler, TX Dallas, TX Orem, UT Chicago, IL
Spartanburg, SC Charlotte, NC Nashville, TN
Salt Lake City, UT
Brentwood, TN London, UK Liberty Lake, WA Greenwich, CT
Aurora, CO Denver, CO Richmond, VA New York, NY Jacksonville, FL Chicago, IL Indianapolis, IN New York, NY
Boynton Beach, FL
San Francisco, CA Louisville, KY Chicago, IL Aliso Viejo, CA New York, NY Las Vegas, NV Philadelphia, PA
Dallas, TX Nashville, TN New York, NY Evanston, IL Dallas, TX Boston, MA Chicago, IL New York, NY
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HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Select Sponsor-Backed Home-Based Care Providers (cont.)
Sources: PitchBook, S&P Capital IQ, company websites.
Note: Includes home health, hospice, personal care and other services.
--- Denotes platforms created in January 2025.
Company Ownership Company Ownership Company Ownership Company Ownership
Ridgefield Park, NJ
Waltham, MA Fort Worth, TX New York, NY Fort Worth, TX Dallas, TX Gilbert, AZ Beverly Hills, CA
Owings Mills, MD
Lutherville
Timonium, MD Daphne, AL Chicago, IL Culver City, CA Culver City, CA Phoenix, AZ New York, NY
Omaha, NE Toronto, CA Irving, TX New York, NY Jeffersonville, IN Birmingham, MI San Diego, CA San Francisco, CA
Nashville, TN Atlanta, GA Scottsdale, AZ Chicago, IL Plano, TX Dallas, TX
Farmington Hills,
MI Denver, CO
Waltham, MA New York, NY San Diego, CA Chicago, IL Scottsdale, AZ Miami, FL Nashville, TN New York, NY
Sunrise, FL New York, NY Walnut Creek, CA New York, NY Baton Rouge, LA Wayne, PA Kissimmee, FL Providence, RI
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Investment Banking | Mergers & Acquisitions | Capital Raising
Stock Price % of 52
Enterprise
LTM xLTM Margins
x
3 Year CAGR EV / LTM
Company 2/6/2025 Week High Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Revenue EBITDA
$18.55 91.6% $6,151 $10,588 $1,535 $507 14.5% 4.8% 18.5% 5.5% 0.6x 12.1x
$91.91 92.9% $3,285 $2,321 $1,014 $234 43.7% 10.1% 1.7%
NM
NM 1.4x 14.0x
$4.65 75.1% $2,323 $1,983 $612 $138 30.9% 7.0% 5.5%
NM
NM 1.2x 16.8x
$133.87 98.3% $2,227 $1,134 $369 $124 32.5% 10.9% 10.7% 15.2% 2.0x 18.0x
$27.46 74.0% $1,334 $652 $138 $41 21.2% 6.3% 14.4% 30.8% 2.0x
32.2x*
32.2x*
$6.49 12.4% $1,307 $2,788 $433 $131 15.5% 4.7% 15.3%
NM
NM 0.5x 10.0x
$7.99 68.1% $970 $1,037 $506 $70 48.8% 6.8% 0.0% 0.0% 0.9x 13.8x
$7.18 94.9% $715 $1,055 $151 $93 14.3% 8.8% 8.6%
NM
NM 0.7x 7.7x
Average 27.7% 7.4% 9.3% 12.9% 1.2x 13.2x
Median 26.0% 6.9% 9.6% 10.3% 1.1x 13.8x
Home-Based Care Market Performance
Sources: S&P Capital IQ as of February 6, 2025.
9
HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Transaction Overview
▪Pinnacle Home Care (“Pinnacle”), one of the largest Home Health providers in
Florida, entered a strategic partnership with HCS-Girling (“Girling”), a leading
provider of home health and personal care services
▪Established in 2003, Pinnacle is a Medicare Certified and Florida Licensed
healthcare company that provides comprehensive home health services,
including skilled nursing, physical therapy, occupational therapy, and other
specialized programs including cardiopulmonary rehabilitation and diabetic
education
▪Based in Brooklyn, New York, and founded 20 years ago by Agnes and Jeffrey
Shemia, HCS-Girling is a premier provider of home health and personal care
services across multiple verticals
▪The partnership opens new geographic markets for Pinnacle and Girling, as
well as diversifies their service mix within the home health segment
HPC’s Role
▪Hyde Park Capital was engaged as the exclusive investment banker and
financial advisor to Pinnacle in connection with the partnership
▪Hyde Park Capital marketed the opportunity to select strategic and financial
sponsors and identified, negotiated and closed the transaction with Girling
HPC acted as the exclusive financial advisor to Pinnacle Home Care
Recent HPC Transaction – Pinnacle Home Care
has entered into a strategic
partnership with
“I am extremely thankful to have had HPC in Pinnacle’s corner. Their proactivity, dedication, and market knowledge set them
apart as trusted advisors. The HPC team kept everyone aligned on the singular goal of creating a strategic partnership, and that
goal was achieved” – Shane Donaldson, Founder & CEO, Pinnacle Home Care
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HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
HPC Overview
Pharmaceuticals
Biotechnology
Life Science Tools / Diagnostics
Digital Health
Pharma Services
Medical Devices
Physician Practice Management
Healthcare Services
•M&A Atlas Awards
Boutique Investment
Bank of the Year and
Deal of the Year Winner
(Business Services)
•21st Annual M&A
Advisors Awards Finalist
•Global Finance World’s
Best Investment Bank
(Southeast Region)
Industry Leading. . . Healthcare Coverage. . . With a Focus on Healthcare Services
Hospice Testing
Services
Lab
Services
Home-
Based
Services
Healthcare
Consulting
Healthcare
Distributors
Outpatient
Services
Managed
Care
Offices In:
▪Tampa, FL (Headquarters)
▪Nashville, TN
▪San Francisco, CA
▪HPC is one of the most active boutique investment banks in the country managing sell-
side M&A engagements in the Landscaping Sector
▪Advised on 300+ transactions and has been a consistent leader in providing independent
and unbiased strategic counsel and advisory services to global sellers and buyers of
middle-market firms
▪Diverse team with extensive execution experience across all areas of Healthcare
▪Bulge bracket capabilities with a boutique touch
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HYDE PARK CAPITAL
Investment Banking | Mergers & Acquisitions | Capital Raising
Senior Banker Committed to Home-Based Care Sector Coverage
HPC Overview
Recent Healthcare Services Transactions
Josh Paul
Senior Vice President
701 N. Franklin St.
Tampa, FL 33602
(321) 394-5824
jpaul@hydeparkcapital.com
Experience:
▪7+ years investment banking experience
▪Advised on 20+ strategic M&A and financing transactions
▪Sector Experience: Home Health, Healthcare Services,
Physician Practice Management
Education:
▪B.S. in Finance from the University of Central Florida
Experienced M&A Banker
has been acquired by
has been acquired by
&
entered into a
joint venture with
has been acquired by
a portfolio company of
has been acquired by & Affiliates
entered into a joint
venture with
