Addus HomeCare Corporation announced on May 21 a definitive agreement to sell its New York operations to HCS-Girling, based in Brooklyn, New York. HCS-Girling is a leading provider of home health and home care services.
Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services.
The operations being sold consist of all of Addus’ personal care operations in the state of New York, including fiscal intermediary services under the New York Consumer Directed Personal Assistance Program.
The timing for the closing of the transaction is subject to customary regulatory approvals. The purchase price will be up to $23 million, depending, in part, on future operating requirements for HCS-Girling in New York. Addus will use the proceeds from the transaction to reduce the outstanding balance on its revolving credit facility. Further terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 33rd Home Health & Hospice (HH&H) deal of 2024. This is a slight decrease from last year, when there were 38 HH&H deals announced between January 1, 2023, and May 21, 2023.
