One Equity Partners, a middle market private equity firm, today announced that its portfolio company, All Metro Health Care, has completed its acquisition of Multicultural Home Care, a leading provider of home healthcare services in the Greater Boston area. Terms of the private transaction were not disclosed.
Headquartered in Lynn, Mass., Multicultural’s professional staff provides home health, nursing, and caretaker services to seniors living in the Merrimack Valley, South Shore and North Shore areas around Boston, including its diverse ethnic communities. The company, founded in 1995, is comprised of three business lines – Home Care, Home Health and Private Pay – with staffing professionals who speak eight languages. Multicultural will operate as a division of All Metro.
“Multicultural is one of the largest providers in the fragmented home healthcare marketplace in Massachusetts, where we see significant upside potential for All Metro to further expand its breadth of home care services and have a positive impact on beneficiaries in a new geography,” said Brad Coppens, Managing Director at One Equity Partners. “This acquisition is consistent with our objective of building and growing the All Metro platform through strategic combinations. In purchasing Multicultural, we’ve partnered with its exceptional management team to combine All Metro’s best practices with capital support to further expand in the Massachusetts market at a time when home and community-based services are expected to increase in Massachusetts.”
Multicultural’s four Massachusetts locations are complemented by 12 All Metro branch offices in New York, 17 in Pennsylvania, two in New Jersey and two in Florida. The addition of Multicultural expands All Metro, which One Equity Partners acquired in February 2016, into a new geographic market poised to experience strong demand for home and community-based services in the coming year.
David Middleton, President and CEO of All Metro, said: “The addition of Multicultural is another important step in the key strategic initiatives that we’ve undertaken this year to grow our business and offer programs that improve patient care, quality of life and reduce overall costs for the healthcare system.”
“We are excited to join with All Metro Health Care as we continue to provide seniors in Massachusetts with the same high quality home care services that they’ve come to expect from us for the last 21 years,” added Carolyn McCarthy, CEO of Multicultural Home Care, who will remain with the company as President, Multicultural Home Care.
About One Equity Partners
One Equity Partners is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. One Equity is a trusted partner with a differentiated investment process, a broad and senior team, and an extensive track record generating long-term value for its partners. Since 2001, the firm has invested in more than 140 transactions worldwide. One Equity, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York and Chicago, and an advisory office in Frankfurt. For more information, please visit www.oneequity.com.
About All Metro Health Care
All Metro Health Care is a leading provider of home care services to patients in New York, Pennsylvania, New Jersey and Florida. All Metro provides a wide range of services from basic services, such as providing a homemaker to assist with meal preparation and light housekeeping for a few hours a day or a home health aide to provide assistance with activities of daily living, to complex home nursing services provided by around-the-clock Registered Nurses. All Metro was founded in 1955 and is headquartered in Valley Stream, NY. For more information, please visit: www.all-metro.com.
