Beverly Enterprises, Fort Smith, Ark., said its AseraCare Hospice subsidiary signed a definitive agreement to buy privately held Hospice U.S.A., Memphis, Tenn., for undisclosed terms. The acquisition will nearly double Beverly's hospice business and bring it into three additional states. Hospice U.S.A., with estimated 2004 revenue of $37 million, operates 18 hospice agencies in three states and has 16 more locations in the works. AseraCare, with estimated 2004 revenue of $50 million, operates 25 agencies in 10 states and has eight new locations in the pipeline. The acquisition "reflects our strategic commitment to significantly grow our eldercare service businesses," Beverly Chairman and Chief Executive Officer William Floyd said in a news release. -- by Susanna Moon
Beverly announces major hospice acquisition
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