Caregiver Inc., Texas’ second-largest provider of long-term care services and supports to people with intellectual and developmental disabilities, has entered into a purchase agreement to acquire Mosaic services in Texas, the company said in a news release.
Since Caregiver’s inception in 2015, the private Fort Worth-based company has grown rapidly to meet individuals with disabilities’ needs for high-quality care Caregiver’s origins date back to 1978. The acquisition will expand the company’s presence in Texas and strengthen its portfolio of providers, the news release said.
“Caregiver’s expertise and investments in technology are solving inefficiencies often experienced by smaller companies. As a result, costs go down, the quality of care goes up, and we’re able to expand services to more individuals and their families,” said Mark Lashley, president and chief executive officer of Caregiver.
Caregiver operates 800 properties in Texas, Tennessee, Indiana, and Ohio and employs 3,900 people.
The purchase of Mosaic assets in Texas marks the 14th acquisition by Caregiver, the company said.
With revenues reaching nearly $200 million in 2019, the company sees opportunity to become a billion dollar company within seven years amidst challenges in the industry.
Mosaic, which operates in 10 other states, says the transition of Texas services and operations to Caregiver is the right decision for the 600 individuals it serves in the Lone Star State and for those across its network.
Linda Timmons, chief executive officer of Mosaic, said that tightened disability services funding across the nation has made it necessary to review the sustainability of all Mosaic services and locations. She said the 100-year-old organization continues to expand services to people with diverse needs in other states it serves.
“We believe that the unique challenges Mosaic faces to operate effectively in Texas can more easily be met by an organization like Caregiver, which has a larger and more widespread presence in the state,” Timmons said. “Additionally, we are letting people know they always have a choice of providers but that we recommend Caregiver and their affiliates upon their philosophy of service and available resources to support people.”
The transition to Caregiver, which operates under the brands Daybreak, Southern Concepts, St. Giles Living Centers, and Unified Care Group in Texas, will be completed by Feb. 15, 2020. Mosaic services in Texas will be a part of Caregiver. Both companies assure employees and individuals they are partnering to make the transition as seamless as possible, the news release said.
– FWBP Staff