HouseWorks – one of the largest non-franchised home care providers in the U.S. – has executed another deal.
The company has acquired AccordCare’s personal care division in Connecticut, which operates under the brands Companions & Homemakers and Companions Forever. The acquisition will bring HouseWorks into Connecticut for the first time, and further expand its footprint in the Northeast.
HouseWorks has now made nine acquisitions since 2021.
“We’ve been watching this asset for the past three years,” HouseWorks CEO Mike Trigilio told Home Health Care News. “Our main objective within our M&A growth strategy is to build out density and structure in the Northeast.”
Backed by InTandem Capital, HouseWorks is a Greater Boston-based home care company that also provides meal delivery and laundry services. Along with Massachusetts and now Connecticut, it also has a footprint in Maine, New Hampshire, New York, Pennsylvania and Tennessee.
The Marietta, Georgia-based AccordCare, meanwhile, is a home-based care company with a footprint in Georgia, Alabama, Florida, New Jersey, New York, North Carolina and South Carolina.
As part of the deal, the local leadership teams at Companions & Homemakers and Companions Forever will remain in place. AccordCare originally acquired Companions Forever in December of 2020, and then acquired Companions & Homemakers in October of 2022. Both of those brand names will remain past the integration stage with HouseWorks.
“It’s a great opportunity in the state of Connecticut for us to continue to grow there and expand our footprint,” Trigilio said. “It puts us in a position to be a leader in the state, Day One. And it gives us that density with a large caregiver network across the entire state.”
The Companions & Homemakers and Companions Forever businesses are entirely driven by Medicaid home- and community-based services (HCBS) business. Over the past few years, HouseWorks’ revenue mix has become far more tilted toward Medicaid, though the company still does plenty of private-pay work.
“We want to be operating in a very strong HCBS market, which we’re doing here,” Trigilio said. “As we continue to look at transactions, it’s important that we see opportunities that can fold into our HouseWorks infrastructure. We know that not all transactions are easy to integrate. This is a carve out. We’ve successfully completed a few carve outs and those do get complicated, but we make sure that we can integrate those businesses quickly into our HouseWorks Hub.”
Connecticut is a $2 billion HCBS market and has increased rates by 20% since 2020, according to HouseWorks.
Moving forward, the company plans to implement some more back-office functions and IT support in its new Connecticut locations.
It also plans to execute on more deals in 2024.
“We have been actively trying to execute a transaction every three to four months for the last few years,” Trigilio said. “And we have quite a bit in the pipeline right now.”
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