One of the largest home health providers and one of the largest hospice providers are merging, creating a national powerhouse in the post-acute care market. AccentCare Inc., a portfolio company of Advent International, is merging with Seasons Hospice & Palliative Care, the fifth-largest hospice provider in the United States that offers care in 19 states through its 31 Medicare-certified programs. In 2019, Seasons caregivers served more than 30,000 patients and has over 30 strategic partnerships with health systems, hospitals and payors.
AccentCare, for its part, is a nationally recognized leader in post-acute care, with over 27,000 qualified professionals delivering personal/non-medical care, skilled nursing, rehabilitation, hospice and care management services to more than 145,000 patients and clients annually, at more than 179 locations in 17 states. AccentCare was acquired by Advent International in May 2019.
No terms were disclosed, but the combined organization will operate over 225 sites of care across 26 states, and employ nearly 30,000 qualified professionals. The merged company will have over 60 health system and physician practice joint ventures and strategic partnerships providing care to more than 175,000 patients.
The agreement also covers Seasons, Health Resource Solutions, a 2,500 census home health provider in Illinois, Nebraska and Indiana, and Gareda, a personal care business in Illinois, serving over 4,500 clients annually.
Hospice providers has been a popular target for investors this year, according to search results in our Healthcare Deal Database. Last week Addus HomeCare Corporation (NASDAQ: ADUS) purchased Queen City Hospice, LLC for $192 million in cash and in late October, The Vistria Group sold St. Croix Hospice to H.I.G Capital for approximately $580 million.