Los Angeles-based 24 Hour Home Care inked a deal Wednesday to buy GrandCare Health Services’ nonmedical Caregiving division. GrandCare will continue to operate its in-home rehabilitation services under its own name, whereas its nonmedical services now will operate under 24 Hour Home Care.
24 Hour Home Care CEO Ryan Iwamoto said the deal could be the launching pad for even more services.
“This acquisition will strengthen our presence in Southern California and open the door for more opportunities to meet patients across the care continuum,” he said.
This year is turning out to be the hottest year on record for mergers and acquisitions activity for home care, home healthcare and hospice. In the first half of this year, those sectors completed 57 deals, according to M&A advisory firm Mertz Taggart. That number is putting 2021 on pace to top last year’s record of 107 deals. The proposed Choose Home Act of 2021, which would allow patients to opt for care at home instead of care in skilled nursing facilities, also is driving deals as companies jockey to expand offerings to older adults.
24 Home Care is one the nation’s fastest growing home care providers and recently was ranked at the top of Fortune Magazine’s list of “Best Workplaces in Aging Services.” The company has 19 locations throughout Arizona, California and Texas, with a collective 3,000 employees.
