Almost Family, a home health company, announced it agreed to buy Cambridge Home Health Care Holdings for $32.5 million in cash.
Cambridge Home Health is a $38 million-a-year operation with 38 offices in Ohio and Pennsylvania, including locations in Columbus, Newark and Zanesville.
“We are extremely pleased to announce the signing of a definitive agreement to acquire Cambridge Home Health Care Holdings, Inc., a leading provider of personal and home health care services in Ohio and Pennsylvania,” said William Yarmuth, Chief Executive Officer of Almost Family.
The deal will nearly double the size of Almost Family’s personal care segment and enable it to provide state wide coverage in Ohio after combining the Medicare provider coverage of Cambridge with its own operations.
“This acquisition provides both our Personal Care and Visiting Nurse segments with new growth channels in Ohio and western Pennsylvania as well as provides some diversification of our revenue stream,” Yarmuth said.
Almost Family says it expects to save up to $1.5 million because of synergies between the two companies, but added it plans to take up to $800,000 in one-time costs over a nine-month transition period.