On the heels of the closing of a deal to acquire two BioScip home health subsidiaries for nearly $60 million earlier this week, LHC Group (NASDAQ: LHCG) is continuing its buying spree with the asset purchases of two more home health agencies this week.
The new acquisitions include the asset purchase of home health and hospice provider St. Joseph Hospital Home Health and Hospice, located in the Certificate of Need state of West Virginia; and the purchase of the assets of Professional Nursing Services, located near Raleigh, North Carolina.
Annual combined revenue for the two transactions is approximately $2 million, LHC Group said in announcing the deals.
The West Virginia Home Health acquisition is effective April 1, with the Professional Nursing Services deal expected to close on May 1, 2014.
“It is with great pleasure that I welcome the healthcare professionals from St. Joseph Hospital Home Health and Hospice and Professional Nursing Services into our growing LHC Group family,” said Keith Myers, LHC Group chairman and CEO. “We are proud to be part of these communities and look forward to collaborating with St. Joseph’s Hospital and local clinicians to deliver high-quality healthcare that allows patients to safely remain in the comfort of their homes.”
Myers noted the strategic opportunity presented by the two entities and the way in which the acquisitions fit into LHC’s overall growth plans.
“These acquisitions fit perfectly into our strategy to increase our service area through the acquisition of small, underdeveloped providers located in CON states,” he said. “We look forward to continuing this strategy throughout 2014 and being able to offer home health, hospice and community-based services to the patients and families in these communities.”
Written by Elizabeth Ecker