SiriusPoint's ArmadaCare Acquired by Ambac (~14x EBITDA)
- Will Hamilton
- Sep 30, 2025
- 2 min read
Updated: 2 hours ago
On September29, 2025, Ambac Financial Group, a specialty financial services company focused on insurance, reinsurance, and related risk-based products, announced its acquisition of ArmadaCare, a provider of comprehensive home care and personal support services serving aging and medically complex populations. ArmadaCare’s offering includes non-medical personal care, companion support, and community-based assistance tailored to seniors and individuals with functional limitations, combining on-the-ground caregiving with technology-enabled operational support. The acquisition reflects Ambac’s strategic entry into the growing home care and senior services market, diversifying its portfolio beyond traditional financial products and leveraging recurring demand characteristics tied to demographic aging.
For Ambac, the addition of ArmadaCare provides access to a high-growth segment propelled by secular trends in aging-in-place demand and payor interest in cost-efficient, community-based care delivery. The transaction aligns with broader 2025 M&A dynamics in the Home Health & Personal Care subsector, where strategic buyers and financial sponsors are targeting firms with scalable service platforms, recurring revenue models, and strong community sensibilities. By integrating ArmadaCare’s operations and leveraging Ambac’s capital and risk-management expertise, the combined entity is positioned to expand service lines, invest in workforce capacity, and pursue further consolidation in a fragmented home services market.
Managed Care EBITDA Multiples
According to a separate press release from the seller, SiriusPoint, the purchase price was $250m, with the transaction valuing Armada at approximately 14x EBITDA.
Managed Care M&A Deal Volume
The number of announced managed care deals, which include health plans, population health, and payer services deals, among others, fluctuated wildly on quarter-by-quarter basis in 2025 near peak levels. Volume dropped to record low 15 in Q1 only to set a record high with 39 in Q3. Looking at the individual segments, declines in health plan deal volumes have been offset by increases in the payer services and health insurance brokerage subsegments.
Other Managed Care Deals
Read Scope Research's take on other managed care M&A transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 158 managed care deals, segmented by type, including 94 deals with disclosed EBITDA multiples. The managed care data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.