The Pennant Group Acquires Oregon Home Health Agency
The Pennant Group, Inc. (NASDAQ: PNTG) has successfully acquired Riverside Home Health Care, located in Grants Pass, Oregon, effective November 1, 2020. This acquisition expands Pennant's portfolio in southern Oregon and aligns with its strategy of sourcing off-market opportunities, as stated by CEO Daniel Walker. Riverside Home Health Care, which admitted around 1,100 patients in the past six months, is noted for its strong reputation within its community. Pennant Group is actively pursuing additional acquisitions in home health, hospice, and senior living sectors across the U.S.
- Acquisition of Riverside Home Health Care enhances Pennant's regional presence in southern Oregon.
- Riverside Home Health Care has a strong community reputation and admitted approximately 1,100 patients in the past six months.
- Pennant's strategy focuses on off-market acquisitions, indicating effective relationship management and market position.
- None.
EAGLE, Idaho, Nov. 02, 2020 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, today announced that it has acquired Riverside Home Health Care of Grants Pass, Oregon and serving Douglas, Jackson, and Josephine counties. The acquisition was effective November 1, 2020.
“We are very pleased to announce the acquisition of Riverside Home Health Care,” said Daniel Walker, Pennant’s Chief Executive Officer. “This attractive off-market transaction is the result of a strong relationship developed over many years. We continue to source many such off-market opportunities in existing and new markets as operators increasingly recognize the value of our innovative operating model and ability to transact quickly and smoothly,” he added.
“Riverside Home Health Care is a highly respected provider and an integral part of the southern Oregon healthcare community,” commented Brent Guerisoli, President of Cornerstone Healthcare, Pennant’s home health and hospice portfolio company. Noting that Riverside Home Health Care admitted approximately 1,100 patients in the prior six months, Mr. Guerisoli added, “We welcome Riverside’s talented team into the Pennant family and look forward to building upon their past success with our world-class systems and resources.”
Mr. Walker reaffirmed that Pennant continues to pursue opportunities to acquire home health, hospice and senior living businesses throughout the United States.
About Pennant:
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 75 home health and hospice agencies and 54 senior living communities located throughout Arizona, California, Colorado, Idaho, Iowa, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.
SOURCE: The Pennant Group, Inc.
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