Humana Takes Full Ownership of Kindred at Home
One of the largest healthcare insurance companies in the United States is taking complete ownership of one of the largest home health providers. Humana Inc. (NYSE: HUM) has acquired the remaining 60% stake in Kindred at Home that it did not own from both TPG Capital and Welsh, Carson, Anderson & Stowe (WCAS). The 60% stake, including debt, is valued at $5.7 billion, giving Kindred at Home a total equity value of $8.1 billion, but the pricing is a little more complicated than, at least according to Humana. Kindred at Home (KAH) employs approximately 43,000 caregivers providing home health, hospice, and community care services to over 550,000 patients annually. The company has locations... Read More »
Advent Home Medical Gets PE Investment
An at-home respiratory care company in the Michigan market has caught the attention of private equity. Pontiac-based Advent Home Medical has been acquired by New Harbor Capital, an investor in lower middle market, growth-oriented business services, healthcare and education companies. No transaction terms were disclosed. Founded in 2004, Advent Home Medical utilizes registered respiratory therapists to construct personalized care plans and deliver specialized hands-on support to acute respiratory patients in the home setting. The Company also provides a full complement of durable medical equipment and supplies necessary to support these therapies. Advent conducts more... Read More »
Brookdale Divests Home Health & Hospice Business
After months of rumors swirling about a deal, Brookdale Senior Living (NYSE: BKD) has announced the divestment of a majority stake in its home health and hospice business, Brookdale Health Care Services. The senior living giant is selling an 80% interest in its home health and hospice business (including its outpatient therapy business) to HCA Healthcare (NYSE: HCA), the Tennessee-based health system. The sales price is $400 million, implying a $500 million valuation for 100% interest. This comes to about 1.36x revenues for the trailing four quarters ended December 30, 2020, and perhaps 18x to 20x 2021 normalized EBITDA. Last year, our colleagues at The SeniorCare Investor wrote that it... Read More »
Charter Health Care Adds Two Omaha Agencies
Charter Health Care Group, a portfolio company of Pharos Capital Group, announced a deal for two agencies in Omaha, Nebraska last week. It purchased Physmed Home Health Care and Serene Care Hospice, two sister companies, for an undisclosed sum. Physmed Home Health Care was founded in 2003 and specializes in geriatric care, providing physical therapy, occupational therapy and speech therapy, as well as social work and dietician services plus a wide array of skilled nursing assistance. Serene Care, founded in 2013, provides comprehensive end-of-life care in the home. The company offers services such as nursing, spiritual care, bereavement, social work and other specialty care... Read More »
AdaptHealth Corp. acquires AeroCare Holdings
In the third deal of the year for AdaptHealth Corp. (NASDAQ: AHCO), the company has announced it has acquired AeroCare Holdings, Inc. from private equity firm SkyKnight Capital. AeroCare is a home health distribution platform, providing service and equipment to patients with chronic respiratory conditions. Its network of over 260 locations across the U.S. provides service to more than 500,000 patients and partners with more than 45,000 physicians annually. The deal is valued at $2 billion, consisting of a $1.1 billion cash payment and 31 million shares of AdaptHealth common stock. SkyKnight Capital only just bought AeroCare Holdings in October 2019 for an undisclosed sum, according to... Read More »