The Pennant Group Acquires Texas Home Health Agency
The Pennant Group, Inc. (NASDAQ: PNTG) announced the acquisition of assets from CMS Home Health Care in Texas, effective September 16, 2020. This strategic decision aims to enhance their Texas portfolio in home health and hospice operations, complementing existing services in nearby cities like Abilene and Dallas. Pennant's CEO emphasized local leaders' capability to drive growth despite market challenges, while the president of Cornerstone Healthcare expressed excitement about incorporating CMS's staff and patients. The company plans to continue pursuing new growth opportunities across its sectors.
- Acquisition strengthens Texas portfolio, enhancing market presence.
- Reputation of CMS Home Health for compassionate care and clinical excellence.
- Pennant plans to pursue strategic growth opportunities in home health and hospice.
- None.
EAGLE, Idaho, Sept. 16, 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 the assets of CMS Home Health Care, which has locations in Brownwood and Coleman, Texas. The acquisition was effective September 16, 2020.
Danny Walker, Pennant’s Chief Executive Officer, commented, “With sister operations in Abilene, Austin, and Dallas, this off-market acquisition is an excellent strategic fit for our burgeoning Texas portfolio of home health and hospice operations. Our local leaders, supported by dedicated field and service center resources, continue to source and cultivate new opportunities for growth while navigating dynamic operating environments in their local communities.”
“The team at CMS Home Health has a reputation for compassionate care and excellent clinical outcomes,” said Brent Guerisoli, President of Cornerstone Healthcare, Pennant’s home health and hospice portfolio company. “We are excited to welcome the staff and patients of this well-respected home health agency into the Pennant family. We look forward to working with these talented caregivers and the local healthcare community to bring life-changing service to the patients we are privileged to serve."
Mr. Walker reaffirmed that Pennant will continue to pursue opportunities for growth in the home health, hospice and senior living industries, targeting strategic and underperforming operations of all sizes.
About Pennant:
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 72 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 http://www.pennantgroup.com.
Contact Information
The Pennant Group, Inc., (208) 506-6100, ir@pennantgroup.com
SOURCE: The Pennant Group, Inc.
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