Behind the Deal: Honor Health Network Acquires Golden Years Home Care Services  

by | Feb 11, 2025

Agenda Health

Honor Health Network has expanded its home care footprint with the acquisition of Golden Years Home Care Services, a Massachusetts-based provider of home care services. The deal, facilitated by Agenda Health, a healthcare-focused M&A advisory firm based in Austin, Texas, marks a strategic expansion for Honor Health into new communities in Massachusetts. 

Golden Years Home Care Services is a private-duty home care agency with offices in Springfield, Massachusetts and Boston, providing a comprehensive range of services for personal, companion, Dementia and Alzheimer’s care. The company was founded in 2016. 

Honor Health Network, a growing home care provider with a presence across several states, has been actively expanding its service offerings through acquisitions. In 2023, the company announced two acquisitions: Just Home Healthcare Services‘ personal home care and adult day health business in April and Georgia-based Nightingale Services, Infusion, and Pharmacy in November. In July 2024, the company acquired Colorado-based IRN Home Care and Indiana-based First Horizon Home Care. 

Now, by bringing Golden Years into its network, Honor Health strengthens its ability to serve more people while ensuring continuity of care for its existing clients. We spoke to Bryan Lynch, Corporate Development at Honor Health, who shared what made Golden Years such an attractive acquisition target:

“Strong ties to the local community, excellent quality of care and their motto that they treat every client like they are their own mother, father, grandmother and grandfather.” 

According to Alex Veach, Director of Transaction Services at Agenda Health, which acted as the transaction advisor for Golden Years, the acquisition process ran smoothly. 

“Agenda Health was engaged by the owners of Golden Years to find a suitable buyer for the business,” Veach stated. “Agenda brought forth several offers and Honor Health’s offer was selected to move forward into exclusivity. From there, the diligence process was smooth.” 

One of the primary reasons for the seamless transaction was the strong alignment between both parties, which helped facilitate the negotiations and due diligence processes. 

“Both parties were very knowledgeable about the home care space and were aligned in their desire to complete a transaction,” said Veach. “Golden Years is a perfect fit inside the Honor platform, and their vision aligned well with the sellers’ goals.” 

The acquisition also reflects broader trends within the home care M&A space, where demand remains strong from both strategic and financial buyers. 

“We’ve observed a continued rise in interest in the space across the country,” said Veach. “There are several very active strategic buyers and also ample private equity investors eager to make their platform investment in the space. We think 2025 will be an excellent time for home care owners interested in exiting their agencies.” 

In January 2025, 14 home health & hospice (HH&H) deals were announced, double the seven HH&H deals reported in January 2024. Although we’re no longer seeing the record-breaking pace of 2021, when 159 deals were announced, 2024 saw 94 deals, which is still quite strong and indicates a robust market for home care M&A. And if the first month of 2025 is anything to go by, it’s looking like this will be an even more active year for HH&H M&A. 

However, challenges remain within the home care industry, particularly in workforce recruitment and retention. The growing demand for home care services has put increased pressure on providers to attract and retain qualified caregivers. 

“Supply of caregivers continues to be one of the biggest challenges facing the Homecare market. We are addressing this by providing best in class suites of benefits as well as opportunities for career advancements,” Lynch said. 

This acquisition is part of a broader trend of consolidation in the home care industry, where regional providers are increasingly joining larger networks to leverage operational efficiencies and meet rising demand. As demographic shifts continue to drive the need for home-based care, strategic acquisitions like this one are expected to remain a key strategy for growth-oriented home care organizations. 

While the financial terms of the transaction were not disclosed, the acquisition signals Honor Health Network’s commitment to expanding its market presence, particularly in Massachusetts. 

“[This acquisition] allowed us to expand our Massachusetts footprint to the southwestern part of the state as well as to serve additional communities like the VA,” Lynch added. 

Golden Years’ existing clients and caregivers will transition under the Honor Health umbrella, ensuring stability and continuity of service. Going forward, Honor Health plans to make investments in recruiting, intake, marketing, HR and billing processes to enhance operational efficiencies. 

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