On June 24, BrightSpring Health Services, a portfolio company of New York-based private equity firm KKR & Co., announced that it was purchasing a home health organization for $60 million.
North Central Florida Hospice, Inc. and Haven Medical Group, LLC are collectively known as Haven Hospice, a Florida-based company holding a Certificate of Need (CON) for comprehensive hospice care services in 18 counties in north central Florida.
Founded in 1974, BrightSpring is a leading provider of diversified home and community-based health and pharmacy services to medically complex and high-need populations. Close to 80% of the company’s health care services are provided in the home. It is based in Louisville, Kentucky.
According to the original press release, during the first quarter of the year, BrightSpring saw net revenue rise 27% year-over-year to $2.5 billion. It achieved a gross profit of $369 million, up 10.4% compared to $335 million in the first quarter of 2023, but experienced a net loss of $46 million, up from a $22 million loss in Q1:23.
BrightSpring’s acquisition of Haven will allow BrightSpring to provide advance care planning, palliative and hospice services throughout Florida. The acquisition is expected to close in the third quarter of 2024.
“We are excited to welcome Haven Hospice into BrightSpring, bolstering our existing hospice care line of business and expanding our hospice services into the CON state of Florida,” said BrightSpring’s President and CEO Jon Rousseau.
“The delivery of compassionate hospice care is critical for patients and their families, and we’re committed to delivering that to high-need Floridians. It is extremely difficult to enter the Florida hospice market, and with this recent expansion of services, we can now provide high-quality care to more patients and their families during the most difficult time in their lives.”
According to data captured in the LevinPro HC database, this transaction marks the 45th Home Health & Hospice acquisition of 2024, and the 10th in the home hospice and palliative care specialty. This is double the amount of the home hospice and palliative care transactions that were reported between January 1, 2023, and June 24, 2023, when five deals were announced.
