Amedisys, Baton Rouge, La., said it reached an agreement to acquire Infinity Home Care, Sarasota, for $63 million. The deal, which is expected to close by the year-end, will be financed with cash and debt. The companies will share best practices and resources, but the deal also sends a strategic message to shareholders of the publicly traded company, Amedisys CEO Paul Kusserow said in a news release announcing the deal.
“This acquisition also expands the Amedisys footprint in our key Florida market, aligns with the growth strategy of both our organizations and sends a strong signal to our shareholders that we plan to resume growth by acquiring high quality assets in key markets,” he said.
Kusserow joined the company as the top executive last December in a management shakeup. He told Modern Healthcare in June the company would seek small deals in existing markets and midsize mergers and acquisitions in “geographically favorable places.”
Infinity employs 600 and operates 15 centers. It ended the last 12 months with revenue of $50 million and adjusted earnings before interest, taxes, depreciation and amortization of $6.4 million, according to Amedisys.
As of June 30, Amedisys operated and owned 316 home health centers and 79 hospice centers.