— Creates Nation’s Preeminent Social Determinants of Health Company —
— Significantly Expands Addressable Market in a Large, Rapidly Growing Adjacency —
— Immediately Accretive to Growth, Margins and Adjusted Earnings Per Share —
The Providence Service Corporation (“Providence” or the “Company”) (Nasdaq: PRSC), the nation’s largest manager of non-emergency medical transportation (“NEMT”) programs for state governments and managed care organizations and holder of a minority investment in Matrix Medical Network, today announced that the Company has entered into a definitive agreement to acquire Simplura Health Group (“Simplura”), which operates a large network of home health and personal care agencies across seven states, from One Equity Partners (“OEP”) in an all cash transaction at an enterprise value of $575 million (subject to customary purchase price adjustments).
Simplura provides over 20 million hours of non-medical personal care annually to primarily Medicaid patient populations, including seniors and disabled adults, in need of