Addus HomeCare closed its $350 million acquisition of Gentiva’s home care business, the company announced late Monday.
The addition of Gentiva’s non-medical personal care business will add 16,000 customers a day across Arizona, Arkansas, California, Missouri, North Carolina, Tennessee and Texas, the company said in a news release. Addus also said it expects the new business to add approximately $280 million in annual revenue.
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Frisco, Texas-based Addus said it funded the purchase through a combination of cash raised in June through a public offering of common stock and an existing revolving credit facility.
Addus is one of the nation’s largest providers of home care services which assists patients with activities of daily living, such as bathing, toileting and meal preparation. The company also provides home healthcare and hospice services across 23 states.
The closing of the Gentiva deal sets Addus up for more acquisitions in 2025, Addus Chairman and CEO Dirk Allison said in the news release.
"Going forward, we will continue to pursue additional acquisitions that meet our criteria and complement our organic growth initiatives. We have the capital structure and financial flexibility to support our growth strategy in 2025 and beyond,” Allison said.
He told analysts last month during an earnings call the company would be looking to acquire more businesses in personal care, home healthcare and hospice.
