Elara Caring, a national provider of skilled home health, hospice, behavioral health, and personal care services, has entered into an agreement for a strategic investment from Ares’ Private Equity Group and DaVita. The partnership is intended to accelerate Elara’s growth while expanding access to personalized, clinically advanced care at home for patients with complex and acute needs. Elara said it will continue to operate as a wholly independent company led by CEO Ananth Mohan and the current management team.
Following the closing, the parties plan to collaborate on new care models and clinical programs designed to improve outcomes and address gaps in post-acute care. Elara said the investment will support its next phase of growth by expanding its capacity to deliver specialized in-home care and launching new offerings for higher-acuity populations. The company cited Ares’ experience growing healthcare businesses and DaVita’s clinical and operational expertise in value-based care as key factors supporting the effort to scale programs intended to deliver more consistent support to patients at home.
A central focus of the partnership is a plan for DaVita and Elara to co-develop a kidney-specific home-based care model. The companies said the model will build on Elara’s existing clinical capabilities and apply DaVita’s clinical insights to meet the needs of patients with kidney disease, with goals that include reducing preventable hospitalizations and lowering total cost of care. The program is expected to offer patients tailored support at home and provide providers with additional continuity-of-care resources.
The deal remains subject to customary closing conditions, including regulatory approvals, and is expected to close later in 2026. Financial terms were not disclosed.
Support: Harris Williams and Evercore are serving as financial advisors to Elara Caring, with Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel and Debevoise & Plimpton LLP as financing counsel. Guggenheim Securities is serving as financial advisor to Ares and DaVita, with Ropes & Gray LLP and McDermott Will & Schulte as legal advisors.
KEY QUOTES
“Too often, home-based care is introduced late in the care journey, significantly impacting outcomes and quality of life, especially with our vulnerable populations. This collaboration reflects a shared belief that care should be timelier, more personalized, and meet patients where they are most comfortable—at home. Together with Ares and DaVita, we have an extraordinary opportunity to improve the management of chronic conditions and deliver better results for patients and their loved ones as well as our healthcare system overall. We are thrilled to welcome them as partners.”
Ananth Mohan, Chief Executive Officer, Elara Caring
“Elara Caring is a leading home care platform defined by a commitment to quality and a patient-first culture. We’re excited to partner with the Elara team and support their next phase of growth and innovation—expanding access, improving outcomes, and delivering an outstanding experience for patients and team members.”
Kevin Cox, Partner, Ares’ Private Equity Group
“Through our integrated care programs, we saw meaningful differences in patient outcomes that were closely tied to the quality of home-based support they received. Strengthening access to Elara Caring’s exceptional services will help more patients maintain stability at home, avoid unnecessary hospitalizations, and ultimately experience a better quality of life.”
Steve Phillips, Chief Strategy Officer, DaVita
