Kindred Healthcare to Buy Home Health Company for $2M in Cash
Kindred Healthcare, Inc. (NYSE: KND) today announced that its subsidiary has acquired Homecare Advantage, Inc. for a purchase price of approximately $2 million in cash. Homecare Advantage is a high-quality provider of home health services which operates one location in the Los Angeles, California market and provides services in Los Angeles and Orange counties.
Homecare Advantage currently generates annualized revenues of approximately $2.5 million. The Homecare Advantage location will allow Kindred to expand its service area and operations in the Los Angeles market, which currently includes one nursing and rehabilitation center, nine transitional care hospitals, one hospital-based sub-acute unit, three home healthcare locations and, through its RehabCare division, three hospital-based acute rehabilitation units.
The Company financed the transaction with operating cash flows and proceeds from its revolving credit facility. Homecare Advantage had no outstanding long-term debt at closing.
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