# Selling a Home Care Agency in New Jersey: 2026 M&A Guide > New Jersey's CON-protected home health market and dense Medicaid managed care landscape make it one of the highest-multiple home care M&A markets in the country. Source: https://www.hendonpartners.com/insights/selling-home-care-agency-new-jersey Author: Neli Gertner Published: 2026-05-05 Category: State Guides Tags: New-Jersey, NJ, CON, NJ-FamilyCare, MLTSS, M&A, state-guide ---New Jersey is one of the highest-multiple home care M&A markets in the country, driven by three factors: CON-protected Medicare home health licensure, dense NJ FamilyCare MLTSS managed care, and concentrated buyer interest across the New York and Philadelphia metropolitan adjacencies. For NJ home care owners, 2026 is a structurally favorable exit window. --- ## NJ Regulatory Framework ### Certificate of Need (CON) for Home Health NJ remains a CON state for **Medicare-certified home health agencies**. New CHHA (Certified Home Health Agency) licensure is restricted; existing CON-protected licenses are scarce and trade at premium multiples. - NJ DOH oversight - Standard CMS Medicare certification on top of state CON ### Personal Care Services - NJ Division of Medical Assistance and Health Services (DMAHS) provider enrollment - NJ FamilyCare MLTSS MCO contracting - Provider categories: PCA Service, Adult Family Care, Medical Day Care - Background check, training, and EVV compliance required ### Hospice - NJ DOH hospice licensure - Medicare hospice certification - Generally not CON-restricted ### Private Pay - Health Care Service Firm (HCSF) registration through NJ Division of Consumer Affairs - Background check requirements - Certified Homemaker-Home Health Aide (CHHA) credentialing --- ## NJ Payer Landscape ### NJ FamilyCare MLTSS NJ FamilyCare is the umbrella Medicaid program. MLTSS is the managed long-term services and supports component, covering most adult Medicaid LTSS recipients. **MLTSS MCOs:** - Horizon NJ Health (Horizon Blue Cross Blue Shield) - Aetna Better Health of NJ - Amerigroup NJ (Elevance) - UnitedHealthcare Community Plan - WellCare of NJ (Centene) Multi-MCO contracted agencies command premium valuation. ### Medicare Standard CMS framework. NJ MAC: Novitas Solutions. ### Private Pay Strong private pay market, particularly in Northern NJ (Bergen, Essex, Morris, Somerset) and the Jersey Shore. ### Long-Term Care Insurance Significant LTC insurance market, particularly in higher-income Northern NJ markets. --- ## NJ Regional Dynamics ### Northern NJ (NYC adjacent) - Bergen, Hudson, Essex, Morris, Passaic counties - Strong private pay and MLTSS markets - Buyer interest extends from NYC platforms - Multi-language workforce typical ### Central NJ - Middlesex, Monmouth, Somerset, Mercer - Dense MLTSS market - Strong commercial/private pay - Princeton-area concentration of higher-income demographics ### Southern NJ (Philadelphia adjacent) - Camden, Burlington, Gloucester - Buyer interest from Philadelphia platforms - Cross-state operational considerations ### Jersey Shore - Ocean, Atlantic, Cape May - Seasonal and retiree demographics - Strong private pay - Distinctive operational profile --- ## Valuation Ranges (Q2 2026) | Asset Type | EBITDA Size | Multiple Range | |---|---|---| | Personal care / PCA (sub-$1M) | sub-$1M | 4x–6x | | Personal care / PCA ($1M–$3M) | $1M–$3M | 5x–7x | | Personal care / PCA ($3M+) | $3M+ | 6.5x–8.5x | | CHHA (Medicare home health, CON) | All sizes | 9x–13x | | Hospice | $1M+ | 9x–13x | | Multi-license platform | $3M+ | 7.5x–11x | Premiums apply for: CON-protected home health licensure, multi-MLTSS-MCO contracts, multi-region NJ footprint, strong compliance history. --- ## Most Active NJ Buyers ### National Strategics - **BAYADA Home Health Care** — NJ-headquartered, multi-service - **BrightSpring Health Services** — Multi-service - **Compassus** — Hospice - **VITAS** — Hospice - **Help at Home** — Personal care - **Addus HomeCare** — Personal care - **Pennant Group** — Home health, hospice ### Regional Strategics - Hospital-affiliated home care (Hackensack Meridian, RWJBarnabas, Atlantic Health, RWJBarnabas, Cooper) - NY-NJ regional consolidators - Philadelphia-area regional consolidators ### PE-Backed Platforms - Multiple PE platforms with Mid-Atlantic concentration - NJ-specific PE initiatives in active build mode --- ## NJ-Specific Diligence Focus - CON licensure transferability - NJ FamilyCare MLTSS contract status across MCOs - Caregiver workforce and CHHA credentialing - EVV compliance - HCSF registration current - Multi-county operational coordination --- ## How Hendon Partners Helps NJ Sellers Hendon Partners advises NJ home care owners across CHHA-protected home health, MLTSS-contracted personal care, and hospice through preparation and sale process. Our buyer network is particularly deep in the Mid-Atlantic given the concentration of buyer interest in the NJ-NY-PA corridor. **[Schedule a confidential NJ-focused conversation with Hendon Partners →](/contact-us)** --- *Hendon Partners is a sell-side only M&A advisory firm with extensive Mid-Atlantic home care transaction experience.* --- ## Frequently Asked Questions ### Does New Jersey require CON for home health? Yes. New Jersey is a Certificate of Need (CON) state for Medicare-certified home health agencies. Existing CON-protected home health licenses are highly valuable and trade at premium multiples because new entry is restricted. Hospice in NJ is regulated separately, and personal care services are governed by NJ Department of Human Services and Department of Health under different frameworks. ### What licensure does a New Jersey personal care agency need? Personal care services for Medicaid recipients in NJ are typically delivered by Personal Care Assistant (PCA) Service providers contracted with NJ FamilyCare Managed Long Term Services and Supports (MLTSS) MCOs. Provider enrollment through NJ Division of Medical Assistance and Health Services (DMAHS) is required. Private-pay non-medical home care has lighter licensure but accreditation is increasingly market-expected. ### What are typical New Jersey home care valuation ranges? Personal care / PCA: 5x–7.5x adjusted EBITDA driven by MLTSS contracting depth. Medicare home health (CON-protected): 9x–13x adjusted EBITDA — premium multiples reflect CON scarcity. Hospice: 9x–13x. Multi-license platforms command premium positioning. ### Who are active buyers in New Jersey? Strategic buyers active in NJ include BAYADA (NJ-headquartered), BrightSpring, Compassus, Pennant, Help at Home, Addus, and multiple regional consolidators. PE-backed platforms with Mid-Atlantic concentration actively pursue NJ tuck-ins. Hospital-affiliated home care from Hackensack Meridian, RWJBarnabas, and Atlantic Health also compete. ### How does NJ FamilyCare MLTSS affect valuations? MLTSS contracting depth across the four NJ MCOs (Aetna, Amerigroup, Horizon NJ Health, UnitedHealthcare, WellCare) is a primary value driver. Multi-MCO contracted personal care providers command meaningful premium relative to single-MCO providers.