LHC Group finalizes acquisition of home health, hospice, and therapy assets from HCA Healthcare and Brookdale Health Care Services Venture
LHC Group, Inc. (NASDAQ: LHCG) has successfully acquired 47 Brookdale Health Care Services agencies from a home health venture involving HCA Healthcare and Brookdale Senior Living, effective November 1, 2021. This acquisition enhances LHC Group's footprint with 23 home health, 11 hospice, and 13 therapy locations across 22 states, including its entry into Minnesota and New Mexico. The company anticipates annualized revenue from this purchase to be around $130 million. This deal marks LHC Group's total acquisition of approximately $300 million in annual revenue for the year.
- Acquisition adds approximately $130 million in annualized revenue.
- Expands geographic reach by entering Minnesota and New Mexico.
- Increases operational capabilities with 47 new agencies across 22 states.
- None.
LAFAYETTE, La., Nov. 2, 2021 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) announced today that, effective Nov. 1, 2021, it has finalized its acquisition of 47 Brookdale Health Care Services agencies from the recently formed home health, hospice, and outpatient therapy venture between HCA Healthcare and Brookdale Senior Living Inc. The purchase agreements were initially announced by the company in September.
The acquired assets include 23 home health locations, 11 hospice, and 13 therapy agencies across 22 states – a significant expansion of LHC Group's nationwide footprint, resources, and service capabilities. The agencies are not located in areas served by HCA Healthcare and will continue operating at their current locations under their existing brands.
With this closing, LHC Group marks its initial entry into two new states – Minnesota and New Mexico – and expands its service areas in 20 states where the company already operates.
LHC Group expects annualized revenue from this purchase of approximately
SVB Leerink served as financial advisor and Alston & Bird LLP served as legal counsel to LHC Group.
About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 30,000 employees deliver home health, hospice, home and community based services, and facility-based care in 37 states and the District of Columbia – reaching 60 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.
Forward-looking Statements
Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as "believe", "hope", "may", "anticipate", "should", "intend", "plan", "will", "expect", "estimate", "project", "positioned", "strategy" and similar expressions, and are based on assumptions and assessments made by LHC Group's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and LHC Group undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in LHC Group's most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled "Risk Factors", as well LHC Group's current reports on Form 8-K, filed with the Securities and Exchange Commission.
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SOURCE LHC Group, Inc.
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