Addus HomeCare Corp. (ADUS), a provider of home care services, announced Monday its definitive agreement to acquire the personal care operations of Gentiva for an anticipated purchase price of around $350 million, after adjustments.
The company expects the transaction to be accretive to its financial results. Addus expects to close the acquisition following completion of regulatory approvals and subject to customary closing conditions.
Atlanta, Georgia-based Gentiva is a hospice, palliative, and personal care services company. The transaction relates only to its personal care operations, which serve over 16,000 patients per day in a seven-state service area of Arizona, Arkansas, California, Missouri, North Carolina, Tennessee and Texas.
The Gentiva personal care operations have annualized revenues of around $280.0 million.
Gentiva is the largest provider of personal care services in the state of Texas, where Addus currently have no personal care operations.
Dirk Allison, Chairman and Chief Executive Officer of Addus, stated, "We believe this acquisition is a great strategic fit for Addus, and we are excited about the opportunity to expand our personal care market coverage in seven states, including Texas and Missouri, which are new markets for Addus."
The deal is expected to be funded through the Company's existing revolving credit facility.
In the deal, BofA Securities, Inc. is serving as an exclusive financial advisor and Bass Berry & Sims PLC is serving as legal counsel to Addus.
Goldman Sachs & Co. LLC is serving as financial advisor to Gentiva.
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