Owners of Boston-based Sevita Health apparently want to sell a minority stake in the community-based and in-home care service company for people with intellectual and developmental disabilities (I/DD).
PEHub.com reports that New York City-based Centerbridge Partners LP and Chicago-based Vistria Group LP are seeking to sell a stake in the company and value it at least $3 billion.
The valuation is based on a multiple that will apparently be higher than 10X of Sevita Health’s estimated 2021 EBITDA of $300 million, PEHub.com reports, citing sources unnamed in the article.
Requests for comment sent to Centerbridge Partners, Vistria and Sevita have not been responded to as of press time.
Sevita, incorporated as National Mentor Holdings Inc., employs 40,000 team members in 40 states and serves upwards of 50,000 people. It changed its name to Sevita Health in September, the company was previously known as The Mentors Network.
The company serves both children and adults with intellectual and developmental disabilities, individuals with complex care needs, people recovering from brain and spinal cord injury, seniors in need of daily support, children in foster care, patients struggling with autism to name a few services.
Sevita has been on an expansive trajectory of late.
Behavioral Health Business reported last month that Sevita acquired four companies that provide community-based services in several states.
On Wednesday, Sevita announced that it acquired multiple supportive living and day center services from Chicago-based Help at Home but didn’t specify the cost of the deal or precisely how many business units joined Sevita. A press release from the company states that the Help at Home entities are based in Alabama, Georgia, Illinois, Indiana, Kentucky, Mississippi and Missouri.
The acquisitions were finalized on Oct. 25, the release states. Before the deal with Sevita, Help at Home operated in-home and community-based care in 13 states and employed nearly 30,000 caregivers.