Home health company Almost Family, Louisville, Ky., announced it agreed to buy Cambridge Home Health Care Holdings, Akron, Ohio (PDF), for $32.5 million in cash.
Almost Family to buy Cambridge Home Health Care Holdings
Cambridge has $38 million in revenue, net income of $4.3 million and operates a total of 38 home health branches, mostly in Ohio, according to the announcement, which came as part of Almost Family's second-quarter earnings report. The transaction is expected to close by Aug. 6.
In its earnings report, Almost Family reported net service revenue for the second quarter of $81.7 million, a 4% decrease from $85.1 million reported in the second quarter of 2010, primarily as a result of a Medicare rate cut for home health. Net income for the second quarter was $5 million, down from second quarter of 2010 net income of $8.3 million.
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