In a continuation of the industry's mergers and acquisition spree, Louisville, Ky.-based hospital operator Kindred Healthcare has beefed up its home healthcare division with the purchase of Walnut Creek, Calif.-based Professional HealthCare from Mainsail Partners.
The $51 million, all-cash deal will provide Kindred with 27 new home healthcare locations in Northern California, Arizona, Nevada and Utah--more than doubling its current 20 locations.
"The Professional transaction adds to the size and scale of our growing home health and hospice business," Paul Diaz, Kindred's chief executive officer, said in an announcement. "There is substantial overlap with Kindred's businesses in many of Professional's markets, which will allow us to expand our continuum of post-acute services in these cluster markets."
The Professional HealthCare transaction comes on the heels of two other Kindred home healthcare acquisitions: CareSouth in April and Signature Health Services last November. Two months ago, Kindred also completed a $900M acquisition of RehabCare Group.
For more information:
- read the Healthcare Finance News article
- check out Kindred's announcement