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PACE Managed Care EBITDA Multiples: InnovAge IPO

InnovAge Holding Corp. filed an IPO with the SEC on February 8, 2021, raising ~$350m at an enterprise value of ~$3.5b. With annualized revenue and adjusted EBITDA of ~$620m and ~$86m, respectively, the multiples workout to 5.6x and 40.6x. The offering comes shortly after a mid-2020 recapitalization based on a reported valuation of $950m. InnovAge was originally acquired by Welsh Carson in 2016 in the first non-profit conversion involving a PACE program for a reported price of $196m.

PACE, short for Program of All-Inclusive Care for the Elderly, combines comprehensive managed care with senior living for at-risk dual-eligible populations. Since its for-profit conversion, InnovAge has made a handful of acquisitions, including two with newly disclosed financial information.

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