Origin was the financial advisor to Closing the Gap Healthcare Group Inc., a leading Canadian home care organization, on its sale to Extendicare Inc. (“Extendicare”), for C$75.5 million subject to customary working capital and other adjustments. Extendicare announced that its wholly owned home healthcare subsidiary, ParaMed completed the previously announced acquisition of all of the issued and outstanding shares of Closing the Gap Healthcare Group Inc. and certain affiliates (collectively, “Closing the Gap”) the ultimate shareholders of Closing the Gap effective July 1, 2025.
ParaMed acquired Closing the Gap on a debt-free, cash-free basis. The transaction also includes an earnout tied to the new business revenue generation in the twelve months after closing. Extendicare anticipates that the additional purchase price from the earnout will be in the range of $3.5 to $5.5 million, payable on the first anniversary of closing.
Shareholders’ transaction objectives included finding a buyer with strong brand alignment, a good steward for the business/employees, value maximization and deal certainty. There are attractive tailwinds for homecare services, helping to meet the growing needs of patients seeking to live better at home. Closing the Gap was further distinguished by a strong commitment to delivering integrated home care to patients and clients across Ontario and Nova Scotia, with outstanding expertise in allied health and pediatric care, as well as a proven track record of partnering with acute care providers to alleviate pressures on hospitals.
About Closing the Gap
Founded in 1990, Closing the Gap is a founder-led, leading, high-quality and compassionate organization that delivers integrated home and community care-based services across Ontario and Nova Scotia. Closing the Gap delivers adult and pediatric care services in patients’ homes and in-person clinics, including the following streams: personal support and home care, nursing, physiotherapy, occupational therapy, speech language pathology, nutrition and social work.
About Extendicare
Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. They are committed to delivering quality care to meet the needs of a growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. They operate a network of 99 long-term care homes (59 owned/40 under management contracts), deliver approximately 11.2 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 148,200 beds across Canada. Extendicare proudly employs approximately 27,500 qualified, highly trained and dedicated team members who are passionate about providing high-quality care and services to help people live better.
Press Release : Extendicare Acquires Closing the Gap Healthcare Group
Deal team: Cathy Steiner, Lindsay Adam Weiss
