Pennant completes acquisition of Signature assets

The Pennant Group (Nasdaq: PNTG) has completed its acquisition of Signature Healthcare at Home’s Washington and Idaho assets. With an $80 million purchase price, the transaction was the largest in Pennant history.

The deal was first announced in early July, and is just one of many deals Pennant has recently executed on.

“This period of expansion provides insight into our potential as a provider of choice in our local communities, a best-in-class operator across our industries and a disciplined – yet bold – growth company with the sophistication and adaptability to become a key solution in the health care continuum,” Pennant Group CEO Brent Guerisoli said on the company’s second-quarter earnings call. “Since the beginning of the year, we have entered into the Muir Home Health joint venture; closed an additional two home health and two hospice transactions; initiated a management agreement with Hartford HealthCare; announced the largest acquisition in our history with the Signature transaction; and completed three senior living deals.”

Based in Eagle, Idaho, Pennant is a holding company with independent operating subsidiaries that provide health care services through 117 home health and hospice agencies and 54 senior living communities across 13 states.

Pennant had previously acquired other Signature assets in 2020.

The transaction allows Pennant to expand further in the Pacific Northwest, where it already has a strong footprint. It also allows it to expand its home health footprint in Certificate of Need (CON) states.

Aging Advocates CNY acquires Senior Home Care Solutions

The care management practice Aging Advocates CNY announced in late July that it had agreed to acquire Senior Home Care Solutions. The deal goes into effect on Jan. 1, 2025.

Based in New York, Senior Home Care Solutions is a non-medical home care provider led by Sheila Ohstrom, who will stay on as a consultant post-acquisition.

“This is an exciting time for both organizations and the Central New York area,” Ohstrom said in a statement. “By combining our strengths, we can better serve our clients and help more seniors remain in the safety and security of their own homes for as long as possible.”

As part of the deal, Aging Advocates will gain 60 employees from Senior Home Care Solutions, including caregivers and an office management team.

“This acquisition aligns with our mission to promote dignity and independence for our clients while providing peace of mind for their families,” Aging Advocates founder and CEO Melissa Murphy said in a statement. “We have a great working relationship with Senior Home Care Solutions and deeply respect their service to the community. As our population ages, it’s crucial to maintain quality in-home care providers in Central New York.”

Cardiovascular Associates of America acquires home-based care company

Earlier this month, Cardiovascular Associates of America (CVAUSA) announced the acquisition of Novolink Health, which provides care services to complex patients in the home.

Based in Orlando, CVAUSA is a physician-centered cardiology company with a mission of “saving lives, reducing costs and improving patient care through clinical innovation.” The Fort Lauderdale, Florida-based Novolink, meanwhile, aims to fill care gaps between the hospital and home. As a division of CVAUSA, it will “offer a proven alternative to traditional hospital-based care,” according to a press release.

“Our mission has always been to provide exceptional and personalized care to our patients. Joining CVAUSA, one of the largest US cardiology networks, allows us to leverage the extensive resources and reach in our journey to revolutionize healthcare delivery,” Novolink President and Chief Medical Officer Michael Shen said in a statement. “We are very excited to work closely with Tim and the CVAUSA family to bring our innovative model to more communities and improve the quality of care for all patients in the comfort of their homes.”

Prior to the COVID-19 pandemic, Novolink developed a “high-risk care at home” model, which piqued CVAUSA’s interest in the company.

“I have known Dr. Shen since 2005. He’s an excellent cardiologist and is always experimenting and exploring ways to provide better and lower-cost care,” CVAUSA CEO Tim Attebery said in a statement. “Years before the term ‘hospital at home’ was coined, Dr. Shen realized that remote monitoring technology and home-based diagnostic services could create an Amazon-type solution, allowing certain high-risk patients to receive high-quality and safe care at home instead of being in a hospital or skilled care facility.”

Adena Health and AHSN form home health, hospice JV

The Ohio-based health system Adena Health has agreed to form a home health and hospice venture with Alternate Solutions Health Network (ASHN).

The JV will be branded as Adena Home Health and Hospice, and will focus on caring for seriously and terminally ill patients in South Central and Southern Ohio.

“This is an exciting and significant step forward in our home health and hospice care delivery,” Adena Chief Clinical Officer Dr. Shaheed Koury said in a statement. “Building on our long-standing commitment to providing compassionate, patient-centered care to our communities and leveraging the breadth and experience of Alternate Solutions Health Network, our caregivers will be well-positioned to offer patients even more convenient and personalized care options.”

ASHN provides home health and hospice care primarily through partnerships. It has partnerships with more than 40 health systems and more than 90 home health and hospice providers.

Spectrum Brands plan to spin off home health, personal care business

In early July, Spectrum Brands Holdings (NYSE: SPB) – a “home essentials” company – announced that it had filed a confidential Form 10 registration with the U.S. Securities and Exchange Commission (SEC) to spin off its home care business.

“As previously announced, Spectrum Brands has accelerated its efforts to separate its HPC business from its remaining businesses through a spin-off, sale, merger or other strategic transaction,” the company wrote in a statement. “The filing of the confidential Form 10 registration statement with the SEC represents an important step forward in this process. The filing of the Form 10 registration statement does not obligate Spectrum Brands to complete the spin-off or engage in any other transaction.”

The post Transactions: Pennant Completes Largest Transaction To Date; Aging Advocates Acquires Senior Home Care Solutions appeared first on Home Health Care News.