Tuesday, August 16, 2011

Kindred Healthcare Acquires Professional HealthCare for $51 Million

Kindred Healthcare, Inc., announced that its subsidiary has signed a definitive agreement to acquire the equity of Professional HealthCare, LLC, a portfolio company of Mainsail Partners, for $51 million in cash.  Professional HealthCare is a provider of home health, hospice, private duty nursing services and durable medical equipment.  The Company expects to finance the transaction with operating cash flows and proceeds from its revolving credit facility.  Professional HealthCare will have no outstanding long-term debt at closing.

Professional HealthCare operates 27 locations in northern California, Arizona, Nevada and Utah that currently generate annualized revenues of approximately $53 million.  Kindred currently operates 21 nursing and rehabilitation centers and four long-term acute care hospitals within Professional's service areas.  In addition, Kindred's Peoplefirst home health and hospice business currently provides home health services in San Francisco and southern California.

The transaction is subject to several regulatory approvals and other conditions to closing and is expected to close by the end of the third quarter of 2011.  The Company expects that the transaction will be slightly accretive to earnings in 2012.

Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php

The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.

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