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Addus HomeCare acquires Alabama-based hospice services provider for $130M

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

Birmingham, Ala.-based Hospice Partners of America operates in 21 locations spread across Idaho, Kansas, Missouri, Oregon, Texas and Virginia, serving about 1,000 patients a day and generating $55 million in annualized revenue.

Frisco, Texas-based Addus HomeCare, a homecare services provider to people who are elderly, chronically ill and disabled, funded the acquisition with the proceeds from a recent $172.9 million stock offering completed Sept. 9.

"This is our fourth completed acquisition for 2019 and brings our total acquired annualized revenues to approximately $130.0 million to date," Dirk Allison, president and CEO of Addus HomeCare, said in an Oct. 1 press release.