Natick home health provider acquired
Long Term Solutions, Inc. (LTS), one of the largest providers of in-home nursing assessments for the long-term care insurance industry, has been acquired by a nationwide provider of home health services.
Almost Family, Inc., a Louisville, Ky. based home health care provider, announced Tuesday its acquisition of Natick-based LTS as part of an initiative to expand its in-home assessment capabilities. The $37 million totalinvestment -- including $20 million cash, a $6 million note payable plus $11 million of Almost Family common stock -- is the fourth in the home health provider’s HealthCare Innovations Segment since it was formed two years ago.
LTS brought in $16 million in revenue from over 60,000 in-home assessments in 2015. The company was included in Inc. Magazine’s list of fastest growing private companies in America. Co-founders Noreen Guanci and Anne Harrington said in a joint statement that partnering with Almost Family will allow them to offer more and better clinical solutions to their customers.
Guanci and Harrington will keep their respective titles as CEO and COO of LTS, respectively.
Almost Family is a regional home health provider with over 13,000 employees and 230 branches in 15 states. This past year was the most acquisitive in the company’s nearly 40 year history, with over $150 million invested in acquisitions. Its annual run-rate revenues, including acquisitions, is expected to top $630 million, which is a two-thirds increase over $360 million in 2013.
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