LOUISVILLE, Ky.--(BUSINESS WIRE)-- Kindred Healthcare, Inc. (the “Company” or “Kindred”) (NYSE:KND) today announced that its subsidiary has acquired the assets of Synergy Home Health Care, Inc. (“Synergy”), a provider of home health services. The financial terms of the transaction were not disclosed. The Company used its operating cash flows and proceeds from its revolving credit facility to finance the transaction. Kindred did not assume any liabilities or debt of Synergy in the transaction.
Synergy is a home health company serving the greater Boston, Massachusetts market, with two locations in Marlborough and Weymouth, Massachusetts, that currently generate annualized revenues of approximately $5 million. Kindred currently operates 25 nursing and rehabilitation centers and five long-term acute care hospitals within Synergy’s service areas. Kindred’s Peoplefirst HomeCare and Hospice currently provides hospice services in Massachusetts as well as home health and hospice services in Arizona, California, Colorado, Indiana, Nevada, Ohio and Utah.
Paul J. Diaz, President and Chief Executive Officer of the Company, commented that “we are excited about the opportunities provided by our growing home health and hospice business to expand our continuum of post-acute care services and to continue the care for our patients and residents in several of our key cluster markets. Synergy provides substantial overlap with our existing healthcare operations in the Boston market.”
About Kindred Healthcare
Kindred Healthcare, Inc., a top-150 private employer in the United States, is a healthcare services company based in Louisville, Kentucky with annual revenues of $6 billion and approximately 76,300 employees in 46 states. At June 30, 2011, Kindred through its subsidiaries provided healthcare services in over 2,200 locations, including 120 long-term acute care hospitals, five inpatient rehabilitation hospitals, 224 nursing and rehabilitation centers, 22 sub-acute units, 20 hospice and home care locations, 104 inpatient rehabilitation units (hospital-based) and a contract rehabilitation services business, RehabCare, which served approximately 1,760 non-affiliated facilities. Ranked as one of Fortune magazine’s Most Admired Healthcare Companies for three years in a row, Kindred’s mission is to promote healing, provide hope, preserve dignity and produce value for each patient, resident, family member, customer, employee and shareholder we serve. For more information, go to www.kindredhealthcare.com.
Kindred Healthcare, Inc.
Richard A. Lechleiter, 502-596-7734
Executive Vice President and
Chief Financial Officer
KEYWORDS: United States North America Kentucky Massachusetts
INDUSTRY KEYWORDS: Health Hospitals Nursing