AccentCare introduced Monday that it has bought Southeastern Well being Care at Dwelling from personal fairness agency Geneva Glen Capital.
Southeastern Well being Care at House is the most important privately-owned dwelling well being providers supplier in Pennsylvania. Along with dwelling well being care, the corporate delivers hospice and cell main care providers, plus palliative and wound care providers.
General, it operates throughout 12 areas in Pennsylvania and Virginia.
Owned by international PE agency Creation Worldwide, the Dallas-based AccentCare is a supplier of dwelling well being, hospice and private care providers, in addition to private-duty nursing and care administration providers. The corporate has greater than 250 areas throughout 31 states.
From an acquisition standpoint, Southeastern Well being Care at Dwelling was a pretty goal as a result of firm’s observe document of forming partnerships with distinguished acute care suppliers. That has been a key technique for AccentCare, which has greater than 60 strategic partnerships with well being methods, doctor practices and insurance coverage corporations.
“Each organizations have a protracted legacy of carefully aligning with famend well being methods and doctor teams that search coordinated, collaborative post-acute companions.” Steve Rodgers, CEO of AccentCare, mentioned in an announcement. “We anticipate to deliver our mixed experience and evidence-driven learnings to enhance the home-based care continuum for households and suppliers throughout the Mid-Atlantic.”
instance of AccentCare’s current partnership technique is the post-acute care enterprise it launched with Fairview Well being Companies in Minnesota final fall.
“It takes a unique competency to work with the massive well being system, in comparison with among the smaller, regional, sub-regional hospital methods on the market,” Rodgers advised Dwelling Well being Care Information in September. “We would like to have the ability to deploy a full vary of sources, to essentially assist the well being system each develop a technique round post-acute care and execute in opposition to that technique.
Southeastern Well being Care at Dwelling serves roughly 3,100 sufferers throughout its footprint. With the Pennsylvania supplier underneath its umbrella, AccentCare will serve over 200,000 sufferers in its markets.
Other than deep-rooted partnership histories, each corporations are additionally aligned on the subject of care supply, in keeping with Werner Freymann, who has served as Southeastern Well being Care at Dwelling’s CEO.
“From our earliest discussions with AccentCare leaders, it was clear we have now a shared imaginative and prescient for offering distinctive care to our communities,” Freymann mentioned within the assertion. “We’re excited to advance dwelling care as a member of the AccentCare household and what this implies to the sufferers and households we serve.”
From a development perspective, the deal permits AccentCare to increase its footprint and enter Virginia and Philadelphia, one of many largest Medicare markets within the U.S.
AccentCare’s acquisition of Southeastern Well being Care at Dwelling marks its first M&A deal because the firm finalized its merger with Rosemont, Illinois-based Seasons Hospice & Palliative Care in 2020. The merger turned AccentCare into one of many 5 largest dwelling health-hospice suppliers within the nation.
AccentCare’s vital development over time has made some business insiders speculate that it may very well be one of many subsequent giant in-home care organizations to go public, particularly because the demand for dwelling well being continues to extend. The corporate’s annual income locations it someplace between publicly traded home-based care suppliers LHC Group Inc. (Nasdaq: LHCG) and Embody Well being Corp. (NYSE: EHC), AccentCare leaders beforehand advised HHCN.
“AccentCare has the dimensions, particularly after the Seasons merger, nevertheless it was massive earlier than then,” Mertz Taggart Managing Associate Cory Mertz beforehand advised HHCN. “I might anticipate they’ll be taking a look at an exit anytime within the subsequent three to 4 years. I might anticipate their a number of could be similar to the present public corporations, together with Aveanna.”
AccentCare now has a big presence in 9 of the nation’s 10 largest metropolitan areas, in keeping with the corporate.
“With this acquisition, AccentCare is worked up concerning the alternatives prolonged to us in not solely the Philadelphia market, which is likely one of the largest dwelling well being markets within the nation, but additionally the state of Virginia, the place we have now not had a presence till now,” Rodgers added.