The merger will transform healthcare by providing comprehensive, patient-centered, and innovative services to meet the growing demand for post-acute care.
Dallas-based AccentCare and Rosemont, Illinois-based Seasons Hospice & Palliative Care (Seasons), along with Advent International, one of the largest and most experienced global private equity investors and owner of AccentCare, announced today they have signed a definitive agreement to combine their two robust organizations. AccentCare’s expertise in home health, personal care services (PCS) and hospice is complemented by Seasons’ leadership within the hospice and palliative care spaces. These strengths, along with an expanded geographic footprint, will enable the new combined organization to expand offerings in current and additional markets. The new organization will provide the full span of skilled home-based services and simplify the process of navigating care —particularly for those in the growing Medicare Advantage population.
"With these two organizations together, we have a rare opportunity to shape the future of skilled home-based care," said Steve Rodgers, CEO of AccentCare. "The new organization will bring together the expertise and vision needed to rethink patient-centered care in the home, and offer innovative solutions to the health systems and physician groups we serve."
Steve Rodgers will serve as CEO of the combined organization. AccentCare’s Hospice services will merge with Seasons, and the hospice operations will be led by Todd Stern, CEO of Seasons. Stern will also serve as Executive Vice Chair of the combined organization, infusing Seasons’ hospice experience and culture throughout the new organization.
"AccentCare shares Seasons’ mission-driven focus on providing high quality, patient- and family-centric care in the communities we serve," said Stern. "With expanded resources, this new organization would enable us to build on our shared leadership in the community and increase the impact of our care."
Both AccentCare and Seasons have a legacy of high quality and safety scores and plan to invest in technologies and resources that will uphold their commitment to excellent care and enhance the patient experience.
Together, the combined organization will operate over 225 sites of care across 26 states, and employ nearly 30,000 qualified professionals. Once combined, AccentCare and Seasons will have over 60 health system and physician practice joint ventures and strategic partnerships providing care to more than 175,000 patients and their families each year.
The nationwide footprint of the combined organization will expand access to new communities, making it easier for patients to get the personalized home health, skilled nursing, personal care services or hospice care they need. With a focus on providing the full continuum of post-acute care, the combined organization will simplify the complexity that comes with navigating multiple companies, benefiting physician partners, payors, and patients alike. Above all, both organizations remain dedicated to providing great service and enhancing capabilities health system and other strategic partners can rely on to ensure great care for their patients.
The regulatory approvals to complete the transaction are expected to be completed by the end of 2020 and the two organizations have started the process of a thoughtful integration. For now, all patients will continue to have access to their same care routines and will continue to use their current insurance plans. Each organization will share updates with patients and partners well in advance of any changes taking place.
The agreement covers Seasons, Health Resource Solutions (HRS) a 2,500 census home health provider in Illinois, Nebraska and Indiana, and Gareda, a personal care business in Illinois, serving over 4,500 clients annually. The headquarters of the combined organization will be in Dallas, Texas. The hospice division will be headquartered out of Rosemont, Ill.
Guggenheim Securities served as the exclusive financial advisor to Seasons Hospice & Palliative Care in this transaction.
AccentCare Inc., headquartered in Dallas, TX, is a nationally recognized leader in post-acute care, with more than 30 strategic partnerships aligned to deliver consistently exceptional care to patients and their families. AccentCare partnerships are with insurance companies, physician groups, and major health systems, including the joint venture companies AccentCare Asante Home Health, AccentCare UC San Diego Health at Home, AccentCare UCLA Health, AccentCare Fairview, and Texas Home Health Group, an affiliation with Baylor Scott & White Health. AccentCare has over 27,000 qualified professionals delivering personal/non-medical care, skilled nursing, rehabilitation, hospice, and care management services to more than 145,000 patients and clients annually, at more than 179 locations, in 17 states. In May of 2019, AccentCare was acquired by Advent International, one of the largest and most experienced global private equity investors.
AccentCare’s approach to delivering quality care, including proprietary RightPath disease-specific programs, leads the industry in expediting Starts of Care (SOC), and reducing hospital readmissions as is demonstrated by numerous third-party, evidence-based distinctions. All AccentCare home health and hospice agencies are CHAP-accredited, with an overall 4.8-star rating from Centers for Medicare and Medicaid Services (CMS). AccentCare is also honored to be recognized by the "We Honor Veterans" program. For more information on services available through AccentCare, visit accentcare.com
About Seasons Hospice & Palliative Care
Founded in 1997, Seasons Hospice & Palliative Care is the 5th largest hospice provider in the United States. Seasons offers high-quality compassionate care in 19 states through our 31 Medicare-certified programs. In 2019, Seasons caregivers served more than 30,000 patients and provided over 1.84 million days of care. Seasons has over 30 strategic partnerships with health systems, hospitals, and payors to provide high-quality and innovative care to the communities we serve.
Seasons is a leader in providing acute hospice care services, currently partnering to provide general inpatient and respite care to eligible patients via 22 facility-based and freestanding inpatient centers. All Seasons sites operate under the standards of the Joint Commission. Seasons offers many community-leading programs such as Namaste, Jewish Hospice Services, a Cultural Inclusion Council and Diversity, Equity, and Inclusion program, and Music Therapy. Seasons is the largest employer of board-certified music therapists in the United States.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of June 30, 2020, had $58 billion in assets under management, excluding the $2 billion raised for LAPEF VII. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
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