Addus HomeCare Corporation announced on June 10 a definitive agreement to acquire the personal care operations of Gentiva. The assets are being acquired for an anticipated purchase price, after customary purchase price adjustments, of approximately $350 million.
Gentiva is a dedicated hospice, palliative and personal care services company, with more than 590 locations and thousands of compassionate clinicians and caregivers across 38 states. Gentiva’s corporate headquarters is in Atlanta, Georgia, with providers delivering care across the United States. Gentiva’s personal care operations serve more than 16,000 patients per day in across Arizona, Arkansas, California, Missouri, North Carolina, Tennessee and Texas.
The Gentiva personal care operations have annualized revenues of approximately $280 million, according to Dirk Allison, Chairman and Chief Executive Officer of Addus in the original deal press release published on June 10, 2024.
Addus 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. Addus provides home care services to more than 49,000 consumers through 214 locations across 22 states.
Addus expects to close the transaction following completion of regulatory approvals and subject to customary closing conditions. Addus will fund the acquisition through its existing revolving credit facility.
BofA Securities is serving as an exclusive financial advisor and Bass, Berry & Sims, PLC is serving as legal counsel to Addus in this transaction. Goldman Sachs is serving as financial advisor and Debevoise & Plimpton LLP and Ropes & Gray LLP are serving as legal counsel to Gentiva.
According to data captured in the LevinPro HC database, this acquisition represents the 40th Home Health & Hospice deal of 2024, as well as the second deal in the personal care and home aides specialty. Another acquirer in the specialty this year has been HouseWorks, which acquired AccordCare’s personal care division in Connecticut.
