LHC Group Completes Acquisition of Deaconess HomeCare
01 Avril 2014 - 1:00PM
LHC Group Inc. (Nasdaq:LHCG), a national provider of home health,
hospice and comprehensive post-acute healthcare services, announced
today that it has completed the previously announced transaction
with BioScrip®, Inc. (Nasdaq:BIOS) to purchase two of its operating
subsidiaries, doing business as Deaconess HomeCare and Elk Valley
Health Services, for $59.5 million. The transaction adds 32
agencies in four states, increasing LHC Group's geographical
footprint to 340 post-acute care agencies across 26 states, and 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 120 counties for home health, 33
counties for hospice and 95 counties for community-based services
in the states of Mississippi, Tennessee, Kentucky and Illinois.
Annual revenues are approximately $72 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."
Jones Walker LLP acted as LHC Group's legal advisor in
connection with the transaction.
About LHC Group Inc.
LHC Group Inc. (LHCGroup.com) is a national provider of
post-acute care, providing quality, cost-effective health care to
patients within the comfort and privacy of their home or place of
residence. LHC Group provides a comprehensive array of healthcare
services through home health, hospice and community-based services
agencies in its home-based division and long-term acute care
hospitals in its facility-based division.
Certain matters discussed in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, such as statements about
the Company's future financial performance and the strength of the
Company's operations. Such forward-looking statements may be
identified by words such as "continue," "expect," and similar
expressions. Forward-looking statements involve a number of risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, including changes in reimbursement, changes in
government regulations, changes in LHC Group's relationships with
referral sources, increased competition for LHC Group's services,
increased competition for joint venture and acquisition candidates,
changes in the interpretation of government regulations and other
risks set forth in Item 1A. Risk Factors in LHC Group's Annual
Report on Form 10-K for the year ended December 31, 2013, filed
with the Securities and Exchange Commission. LHC Group undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACT: Eric Elliott
Investor Relations
(337) 233-1307
eric.elliott@LHCgroup.com
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