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Gentiva officially acquires ProMedica’s home health, palliative and hospice business
Gentiva has closed on its $710 million deal for ProMedica’s home health, palliative and hospice business.
The deal was first announced in February.
Now that it is finalized, the Atlanta-based Gentiva will boost its location count from 380 to 500, and its patient census by about 9,000.
“This is a significant milestone because we believe this transaction will benefit the patients and families in our care and are enthusiastic about welcoming the talented caregivers at ProMedica into the Gentiva family,” Gentiva CEO David Causby said in a statement. “As a combined company, we plan to increase the number of caregivers and provide greater access to our care offering to more patients in the communities we serve.”
Gentiva was formed out of the hospice and personal care assets of Kindred at Home, which were divested by Humana Inc. (NYSE: HUM). The company is backed by Clayton, Dubilier & Rice. Causby is the former CEO of Kindred at Home.
As part of the deal, 4,000 ProMedica associates will join Gentiva.
Most of ProMedica’s hospice locations will rebrand to the Heartland Hospice brand by year’s end, according to the release. Home care locations, on the other hand, will rebrand to Heartland Home Health in early 2024.
ProMedica’s palliative care business will operate under Gentiva’s Empatia Palliative Care brand.
Avid Health at Home acquires Independence 4 Seniors
The Havencrest Capital Management-backed Avid Health at Home has delivered on another acquisition, its second in just one month.
In early October, it acquired Well Care Health’s personal care business. In late October, it acquired Independence 4 Seniors, a home care agency based in the Chicagoland area.
“With three acquisitions in the last six months, Avid is showing strong momentum,” Havencrest Managing Partner Christopher W. Kersey said in a statement. “Avid’s team continues to successfully identify and integrate strategic acquisitions in attractive markets.”
Avid Health at Home originally kicked things off with the acquisition of the Chicago-based For Papa’s Sake Home Care. Since then, it has been busy expanding across the country. But the Independence 4 Seniors deal bolsters its already strong Chicago presence.
“I4S will allow Avid to further establish its footprint in the Chicago market and provide critical density as we grow our patient population,” Avid Health at Home CEO Jen Lentz said in a statement. “We are very excited to partner with home care providers that share our passion for quality care and improving patients’ lives.”
Honor Health Network acquires Nightingale
Honor Health Network – a portfolio company of Webster Equity Partners – has acquired the home care provider Nightingale.
Based in Georgia, Nightingale offers personal home care, skilled nursing, infusion and pharmacy services across 11 locations.
On Honor Health Network’s end, it provides home- and community-based services, primarily in the Northeast. The company also provides skilled nursing, physical therapy and speech therapy in Massachusetts, New York, Pennsylvania, New Jersey, Maryland and Washington, D.C.
The Pennant Group continues on M&A trail
The Pennant Group (Nasdaq: PNTG) has acquired Guardian Hospice and Guardian Hospice of Oklahoma, the company announced.
Guardian provides hospice care throughout both Texas and Oklahoma.
“We are very excited to expand the reach of our hospice operations in the states of Texas and Oklahoma,” Pennant CEO Brent Guerisoli said in a statement. “Our strategy of local leaders empowered to meet the needs of local communities has resonated deeply in rural communities across our platform and we look forward to bringing our innovative operating model and high-quality resources to enhance the services offered in these communities.”
Based in Eagle, Idaho, Pennant is a holding company of independent operating subsidiaries, including 102 home health and hospice agencies and 51 senior living communities.
“Guardian has a long standing and deep connection in the communities it serves, and we are honored to carry on this legacy of quality care,” Pennant President and COO John Gochnour said in a statement. “We are grateful for the trust and welcome that has been extended to us by the wonderful Guardian team of skilled clinicians and compassionate caregivers. We are thrilled to partner with them in delivering life-changing hospice services to residents of these Northern Texas and Southern Oklahoma communities.”
KeyBank backs Innovive Health
KeyBank has agreed to back the Massachusetts-based in-home care provider Innovive Health.
The deal comes with a “multi-million” funding package, Innovive Health CFO Anthony Loumidis told Modern Healthcare.
“KeyBank is going to be sitting at the table with me, going over the financials of the company that we are going to be acquiring and getting comfortable with the risk,” Loumidis said. “That says a lot about how KeyBank supports growing healthcare companies like ours.”
Innovive recently expanded services into Colorado. The company offers services to those with complex health needs, including behavioral health conditions.
Companies featured in this article:
Avid Health at Home, Gentiva, Honor Health Network, Innovive Health, The Pennant Group
