LAFAYETTE, La., Feb. 3, 2014 /PRNewswire/ -- LHC Group Inc.
(NASDAQ: LHCG), a national provider of home health, hospice and
comprehensive post-acute healthcare services, announced today that
it has signed a definitive stock purchase agreement with BioScrip®,
Inc. (NASDAQ: BIOS) to purchase two of its operating subsidiaries,
doing business as Deaconess HomeCare and Elk Valley Health
Services, for $60 million. The
transaction will add 33 locations in five states, increasing LHC
Group's geographical footprint to 342 locations across 27 states.
The transaction, which is expected to close by the end of the first
quarter of 2014, subject to customary closing conditions, is
anticipated to be accretive to LHC Group's 2014 earnings by between
$0.05 and $0.10 per diluted
share.
The combined service area of Deaconess HomeCare and Elk Valley
Health Services, collectively one of the nation's largest home
health providers, includes 121 counties for home health, 30
counties for hospice and 95 counties for community-based services
in the states of Mississippi,
Tennessee, Kentucky, Illinois, and Nebraska. Annual revenues are approximately
$72.6 million.
Established in 1969, Deaconess HomeCare – a charter member of
the National Association of Homecare and Hospice and accredited by
the Accreditation Commission for Health Care (ACHC) – is a
nationally recognized provider with a long-standing reputation for
providing quality care and exceptional service to patients,
families and communities they serve.
"When we founded LHC Group 20 years ago, Deaconess HomeCare
already had a strong reputation as one of the nation's premier
providers," said Keith Myers, LHC
Group chairman and CEO. "Joining forces with a provider of this
caliber marks a great day for our company."
"As consolidation continues to occur in our industry, we look
forward to more opportunities like this to join forces with other
high-quality providers who share our values and commitment to
excellence. We welcome the healthcare professionals at Deaconess
HomeCare and Elk Valley Health Services to the LHC Group family and
look forward to combining our strengths and partnering with local
clinicians to deliver high-quality health care that allows patients
to safely remain in the comfort of their homes."
"We feel the time is right to form this partnership for the
benefit of our patients and employees – and given our shared values
and culture, it is clear that LHC Group is the right partner," said
Penny Lovitt, vice president of
operations at Deaconess HomeCare. "Over our 45 years of business,
we have learned that success comes through a constant focus on
employee satisfaction and making quality patient care the top
priority. The professionals at LHC Group share this view and are
committed to supporting Deaconess HomeCare and Hospice and Elk
Valley Health Services so that we can continue to provide the same
high level of service."
CONTACT:
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Eric
Elliott
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Investor
Relations
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(337)
233-1307
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eric.elliott@LHCgroup.com
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SOURCE LHC Group Inc.