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Kelso and Blue Wolf to acquire Jordan Health
Posted on Wednesday, 11 April 2018 12:19
Palladium Equity Partners is divesting JHH/CIMA Holdings, along with its Dallas, Texas-based home nursing health care subsidiary JHC Operations (Jordan Health Services).
Headquartered in New York, the private equity company, which has more than USD 2.70 billion of assets under management, initially invested in the target in 2010.
Kelso and Blue Wolf Capital Partners will pay an undisclosed sum for Jordan Health in a deal that will be subject to the usual raft of conditions and regulatory approvals.
The sale will also provide an exit for W Capital Partners.
Founded in 2005, private equity firm Blue Wolf has an investment portfolio spanning the forest and building products, aerospace and defence, energy services, and niche manufacturing and distribution sectors.
It plans to create one of the largest privately-held US home care providers by merging Jordan Health with its existing businesses in the field, namely Great Lakes Caring Home Health and National Home Health Care, following completion.
Jordan Health was established in 1975 and claims to be one of the biggest home care specialists in the US.
It provides personal care, case management, nursing, therapy, and hospice services to around 39,000 patients in Texas, Oklahoma, Arkansas, Louisiana and Missouri.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 17 deals targeting companies operating in this sector announced worldwide so far this year.
The largest such transaction also featured a US target, as Stadium Capital Management paid USD 39.46 million for a 5.9 per cent stake in home- and community-based health service provider Civitas Solutions in January.
It was followed by a funding round by French elderly care specialist N106 (OuiHelp), which raised USD 3.67 million from investors including Siparex Proximite Innovation and individual business angels, and Nova Leap Health’s USD 3.13 million brokered private placement.
Other targets in 2018 include Japan-based N Field, and Adderacare of Sweden.
© Zephus Ltd