Addus HomeCare Corporation (NASDAQ: ADUS) will acquire Hospice Partners of America, LLC, a provider of hospice services for a cash purchase price of $130 million, representing $118.4million of value, net of the present value of $11.6 million of estimated tax benefits.
Hospice Partners serves an average daily census of approximately 1,000 patients through 21 locations across Idaho, Kansas, Missouri, Oregon, Texas and Virginia, with annualized revenue of approximately $55 million.
"This acquisition is consistent with, and supports our strategy of adding hospice services in markets where we already have a personal care presence,” said Dirk Allison, CEO of Addus. “Since the acquisition of Ambercare in 2018, we have been looking for additional opportunities to expand our hospice services, and we are delighted to have this opportunity to combine a well-regarded hospice operation like Hospice Partners of America with our existing operations.”
Addus HomeCare shares closed Friday's session at $86.65. The stock has a 52-week high of $92.91 and a 52-week low of $57.94.
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