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Addus HomeCare to acquire hospice care provider Hospice Partners for $130M

Addus HomeCare Corp. will acquire hospice service provider Hospice Partners of America LLC for $130 million in cash.

Hospice Partners of America has 21 locations across Idaho, Kansas, Missouri, Oregon, Texas and Virginia that generate approximately $55 million in annualized revenues, Addus HomeCare said in an Aug. 26 press release. Frisco, Texas-based Addus HomeCare, a provider of personal care services to the elderly, chronically ill and disabled, will fund the transaction through a revolving credit facility.

According to Addus HomeCare CEO Dirk Allison, Addus has closed three other acquisitions in 2019.

Allison stated that the acquisition of Hospice Partners of America is expected to immediately demonstrate growth in Addus HomeCare's 2019 financial results.

The deal will bring Addus HomeCare's total acquired annualized revenues to approximately $130 million, Allison concluded in the release.

Raymond James Health Care Banking acted as financial adviser to Addus.