| NEW YORK
NEW YORK Aug 4 ResCare, which provides home
care services to the elderly and disabled, is in the early
stages of exploring a sale that could fetch more than $1
billion, according to people familiar with the matter.
The Louisville, Kentucky-based company, which is owned by
Canadian private equity firm Onex Corp, is working with
investment banks Goldman Sachs Group and Jefferies on the
potential sale, the people said on Monday, asking not to be
named because the matter is private.
Representatives for ResCare and Onex could not be
immediately reached for comment. Goldman Sachs and Jefferies
declined to comment.
ResCare posted annual revenues in 2013 of around $1.6
billion, according to a company filing. The company has more
than 45,000 employees and operates in 43 states, as well as
Washington D.C., Puerto Rico and Canada.
Onex took an initial 25 percent stake in then-publicly
traded ResCare in 2004 and acquired the rest in 2010 in a deal
that valued the company at $380 million.
ResCare provides home care to the elderly, as well as
educational and vocational training and job placement for all
National Mentor, a competitor owned by Vestar Capital
Partners, is also exploring a sale or initial public offering,
people familiar with the matter said.
(Reporting by Soyoung Kim and Olivia Oran in New York; Editing
by Paul Simao)