Market report · First half 2026
Home Care M&A Report: First Half 2026
In the first half of 2026 we count 41 publicly announced US home care, home health and hospice deals, about the same as in H1 2025 (42). Personal care deals fell by half, deals involving Medicare home health agencies and hospices rose, and the largest platforms sold at about 10 times EBITDA.
By Akim Guennani, Founder · Published October 2026
41
Publicly announced home care, home health and hospice deals in H1 2026
-2%
Change vs H1 2025 (41 vs 42), counted the same way both years
-52%
Personal care deals vs H1 2025 (10 vs 21)
9 → 13
Deals involving a home health agency, H1 2025 to H1 2026
~10x
EBITDA paid for the largest platforms (Enhabit, TEAM Services)
3 → 6
Nonprofit and health system buyers; PE share of deals fell from 55% to 46%
What it means for owners
- Buyers kept buying. Volume matched H1 2025, and Q2 (17 deals) was level with Q2 2025 (16). The Medicare enrollment freeze started May 13, too late to show much in first-half numbers.
- The mix moved toward Medicare agencies. Deals involving a hospice rose from 15 to 18 and deals involving a home health agency from 9 to 13, while personal care fell from 21 to 10.
- Health systems are selling. HCA, ECU Health and Campbell County Health sold home health or hospice operations to focused operators.
- Size drives price. Scaled platforms traded near 10x EBITDA; small single-market agencies are typically valued at 3x to 6x.
- Your Medicare enrollment date matters. Under the freeze, home health and hospice sales inside the 36-month window cannot close until it ends. Agencies past 36 months can still be sold.
Deals by segment
H1 2025 vs H1 2026
| Segment | H1 2025 | H1 2026 |
|---|---|---|
| Personal care | 21 | 10 |
| Hospice | 8 | 8 |
| Home health & hospice | 7 | 10 |
| Home health | 2 | 3 |
| PDN & pediatric | 3 | 4 |
| Other | 1 | 6 |
Who bought
H1 2026 deals by buyer type
Where
Top states, H1 2026 (acquired agencies operated in 30 states)
The largest deals of the half
| Buyer | Target | Value / multiple |
|---|---|---|
| General Atlantic | TEAM Services Group | About $3B; about 10x EBITDA (reported) |
| Kinderhook Industries | Enhabit | EV about $1.1B; 10.1x 2025 adj. EBITDA |
| Aveanna Healthcare | Family First Homecare | $175.5M; about 10.5x annualized EBITDA |
| Deaconess Associations | 31 HCA Healthcare agencies | Not disclosed |
| Ares and DaVita | Elara Caring | Not disclosed |
The full report covers all 41 deals with their sources, indicative EBITDA multiples by segment and size, public home care company valuations, the policy changes that affect a sale, and a checklist for owners.
Get the full reportQuestions about the report
How many home care M&A deals were there in the first half of 2026?+
We count 41 publicly announced home care, home health and hospice deals between January 1 and June 30, 2026, against 42 in the first half of 2025, counted with the same rules.
What are home care agencies selling for in 2026?+
The largest platforms sold at about 10x EBITDA: Enhabit at 10.1x by our calculation from SEC filings and TEAM Services at about 10x as reported. Small single-market agencies are typically valued at 3x to 6x EBITDA.
Who is buying home care agencies in 2026?+
PE-backed platforms did 15 of the 41 deals and privately owned operators 13. Nonprofit and health system buyers doubled from 3 to 6, while the private equity share of deals fell from 55% to 46%.
Does the Medicare enrollment moratorium stop home health and hospice sales?+
Only some. Since May 13, 2026, a sale that changes majority ownership within 36 months of enrollment or the last majority change cannot close into a Medicare enrollment while the freeze lasts. Agencies past that window can still be sold.
Methodology: a deal counts if it was publicly announced or closed between January 1 and June 30, 2026 and confirmed on a public source (company release, newswire, trade press, SEC filing or state regulator). H1 2025 was rebuilt with the same rules. For recent deals in your state, see our state guides.
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