InnovAge Announces Acquisition Of ConcertoCare's PACE Programs; No Financial Terms Disclosed

InnovAge Holding Corp. ("InnovAge") (NASDAQ:INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), completed its acquisition of two PACE programs in California from ConcertoCare today. ConcertoCare, a tech-enabled, value-based provider of at-home, comprehensive care for seniors and other adults with unmet health and social needs, operated one PACE program in the Crenshaw neighborhood of Los Angeles and had a second program under development in Bakersfield as part of its ConcertoPACE service line.

 

"We are excited to become the new stewards of ConcertoCare's California PACE programs. The addition of ConcertoPACE fits strongly with our multi-faceted roadmap to accelerate responsible growth while balancing our commitment to operational excellence in our existing markets," said President and Chief Executive Officer Patrick Blair. "We look forward to deepening our presence in California and to see PACE continue as an important component of the state's bold Master Plan for Aging which aims to ensure Californians have real solutions to help them age in place. I want to personally welcome the ConcertoPACE team members and participants to the InnovAge family."

With the addition of the ConcertoPACE programs, InnovAge now operates 18 PACE centers in five states, with four additional PACE centers under development, including Bakersfield. Combined, the two new ConcertoPACE programs are expected to add additional capacity for approximately 750 participants at maturity. ConcertoPACE census and results are expected to be immaterial to InnovAge for the remainder of the fiscal year ending June 30, 2024.