M&A and Financing Newsflash: Bristol Hospice Expands, Capital One Keeps Top Spot

Bristol Hospital Buys Suncrest’s Colorado Operations 

Bristol Hospice has acquired the Colorado operations of Suncrest Hospice LLC, one of the largest for-profit hospice providers in Colorado. Financial terms of the acquisition were not disclosed.

Salt Lake City-based Bristol Hospice, a portfolio company of private equity firm Webster Capital, operates and manages hospice programs in eight states.

Cottonwood Heights, Utah-based Suncrest has four Colorado locations that serve an average daily census of more than 650 patients. In addition to Colorado, the company also has operations in Arizona, California, Illinois and Iowa. Bristol Hospice’s acquisition does not involve any of operations outside of Colorado.

“Suncrest has a reputation of delivering exceptional patient care in the Colorado market, and we are excited to assist the team in their next phase of growth,” Bristol Hospice CEO Hyrum Kirton said in a press release. “We are committed to maintaining the highest clinical standards while continuing to drive growth across new and existing markets.”

Bristol Hospice’s deal for Suncrest’s Colorado operations mark its second acquisition this year. The hospice provider previously acquired Optimal Health Services in July.

Webster Capital invests in the branded consumer and health care services industries, providing equity financing, expertise and a broad contact network for management buyouts and and growth capital. The private equity firm invested in Bristol Hospice in November 2017.

Capital One Heads List of Lead Arrangers for Number of Leveraged Loans Closed in Health Care Industry 

Bethesda, Maryland-based Capital One Healthcare’s Corporate Finance group has kept its top spot as lead arranger of health care leveraged loans by deal count in every category up to $1 billion, according to the latest league tables produced with data from Thomson Reuters LPC.

The corporate finance team closed exactly 49 transactions during the first half of 2018.

“The demand for value, along with demographic trends, continue to drive the U.S. health care market and are creating exciting opportunities for health care companies and investors,” Al Aria, senior managing director for Capital One Healthcare, said in a press release. “Our team remains deeply committed to supporting their efforts.”

Capital One Healthcare specializes in investments and customized solutions driving organizational growth. Over the past decade, the group has provided more than $75 billion in financing to companies in more than 45 health care sectors, including pharmaceuticals, medical devices, hospitals, health care IT and home health.

In April, for example, Capital One served as the administrative agent for a $375 million senior secured unitranche credit facility for AccentCare, Inc., one of the largest for-profit home health care providers in the United States and a portfolio company of Oak Hill Capital Partners. The facility allowed AccentCare to refinance existing debt and gave the company additional capacity to finance future acquisitions.

Maine Cancer Foundations awards $50,000 to State Hospice Programs

The Maine Cancer Foundation has awarded $50,000 in grant funding to six hospice programs throughout the state.

The grant funding, drawn from the John T. Gorman Fund, will be used to increase hospice services available for Maine cancer patients, their caretakers, family and friends, according to the foundation. The six hospice organizations receiving funding are all volunteer-driven programs.

They include: Down East Hospice Volunteers in Washington County, Hospice Volunteers of Hancock County, Hospice Volunteers of Somerset County, Hospice Volunteers of Waldo County, Hospice Volunteers of Waterville Area and Pine Tree Hospice, which serves Piscataquis, Somerset and Penobscot counties.

Specifically, the allotted funds will be used for operational support.

About one in every four Mainers will face a cancer diagnosis in his or her lifetime, with about 8,250 being newly diagnosed each year, according to the Maine Cancer Foundation.

Boulder Hospice Provider Pressured to Change Name

A Boulder, Colorado-based hospice provider has reportedly moved to change its name because of pressure from a larger, more established hospice group.

The Boulder Hospice, along with its not-for-profit branch, have changed their names to Canyon Hospice and Canyon Hospice Foundation, respectively.

The name change was in response to “pressure” coming from TRU Community Care, once called Boulder Hospice when it was originally founded more than three decades ago, the Daily Camera reported. Canyon Hospice employs about a dozen people, while TRU Community Care employs upwards of 160 individuals.

The newly named Canyon Hospice hasn’t received its accreditation from the federal government and is not yet able to bill Medicare for the services it’s providing, Jenn Thompson, co-founder, president and CEO of the company, told the Daily Camera. Fighting to retain the Boulder Hospice name would have delayed that process and been too costly, she said.

TRU Community Care is a Colorado-licensed, Medicare and Medicaid-certified, non-profit health care organization serving Boulder, Broomfield, Adams, Jefferson and Weld counties.

Written by Robert Holly

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Robert Holly
When Robert's not covering the latest in home health care news, you can likely find him rooting for the White Sox or roaming his neighborhood streets playing Pokemon Go. Before joining HHCN, Robert covered everything from big agribusiness to the hottest tech startups. 

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