LHC Group Continues Acquisition Spree With Two New Home Health Buys
Following a deal earlier this month two acquire two home health companies, LCG Group (NASDAQ: LHCG) is continuing its buying spree—this time through the acquisition of two more home health providers.
In addition, the company has reached an agreement to acquire one hospice provider.
The two transactions are based in Tompkinsville, Kentucky and Valley Alabama, with service area covering three counties for each location, while the hospice provider is based in New Orleans.
In the earlier deal, totaling $60 million, the company said it would benefit from broadening its geographical reach. The most recent acquisitions will serve a similar purpose, LHC’s chairman and CEO said in a statement.
“It is with great pleasure that I welcome the healthcare professionals from Tompkinsville, Ky., and Valley, Ala., and soon those in New Orleans, La., into our growing LHC Group family,” said LHC CEO and Chairman Keith G. Myers. “These acquisitions fit perfectly into our strategy for finding small underdeveloped providers located in certificate of need states that increase our service area. We look forward to continuing with this strategy throughout 2014 and being able to offer quality home health and hospice services to the patients and families in these communities.”
Combined revenue for the new providers is roughly $1.5 million annually, the company said. Additional terms and purchase price were not disclosed.
Written by Elizabeth Ecker