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 » AccentCare Merges With Seasons Hospice & Palliative Care
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... Read More »
Addus HomeCare Buys Queen City Hospice
The hospice market has been booming in 2020, with a string of high-profile mergers and sales for hospice providers. Last week, Addus HomeCare Corporation (NASDAQ: ADUS) continued the trend with the acquisition of Queen City Hospice, LLC for $192 million in cash, representing $162.8 million of value plus $29.2 million in net present value of estimated tax benefits. Queen City Hospice currently serves an average daily census of approximately 900 patients across the state of Ohio, including patients in the Cincinnati, Columbus and Dayton markets. It was a portfolio company of Stonehenge Partners. The provider has generated EBITDA of $8 million and an annualized revenue of $56 million. The... Read More »
St. Croix Hospice Sold to H.I.G. Capital
St. Croix Hospice now has a new owner. The Oakdale, Minnesota-based hospice provider was sold by The Vistria Group to fellow private equity firm H.I.G Capital. According to sources cited in PE Hub, the deal was valued at $580 million. St. Croix Hospice is a leading provider of hospice care across the midwestern United States, serving an area that covers six contiguous states. The Vistria Group and St. Croix Hospice partnership started in October 2017 after the private equity firm purchased a majority stake in St. Croix from Clearview Capital Fund III, LP. Vistria and St. Croix’s first acquisition came in 2019 when they purchased... Read More »
LHC Group and Christus Health Joint Venture Expands in Texas
The joint venture between LHC Group (NASDAQ: LHCG) and Christus Health has acquired a hospice provider in Texas. The home health giant and non-for-profit health system added Santa Rosa Hospice, a hospice provider in the San Marcos metro area, which includes the Austin market. Once the agreement is finalized, the LHC Group and Christus partnership will include 22 home health, hospice, palliative care, community-based and long-term acute care locations across three states. The deal is expected to close on November 1, 2020. No terms were disclosed. LHC Group and Christus first partnered up in August 2017, according to search results in the HealthCareMandA.com Deal Database. The two companies... Read More »