Home Health & Hospice Week
Company Hopes To Sell 104-Location HHA Chain For $700 Million
Cressey & Co. is selling privately held Encompass Home Health Inc. in an auction process in the hope of fetching $700 million for the HHA chain, reports The Wall Street Journal. Jordan Health Services, a home care provider backed by Palladium Equity Partners, is also seeking a buyer in a deal that could raise $300 million to $400 million, the Journal says.
Encompass is expected to post $70 million in full-year earnings before interest, taxes, depreciation and amortization, the Journal says. The company has locations in Texas, Oklahoma and New Mex-ico, more than 4,500 employees, 104 home care locations, 21 hospice locations and nine locations for pediatric patients.
Other similar deals this year include Curo Health Services Inc.’s $230 million purchase of hospice provider Southern Care Inc.; and Well-spring Capital Management’s purchase of Great Lakes Caring from Pouschine Cook Capital Management, the Journal says.
The industry’s largest provider, Amedisys Inc., accounts for less than 5 percent of the home care market, and it is closing locations. The home health and hospice market has been going through a phase of consolidation that saw the merging of operators and closing and merging locations that have lower profitability, the newspaper observes.
Home Health & Hospice Week
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