|[December 17, 2012]
Kindred Healthcare Acquires Home Health Company
LOUISVILLE, Ky. --(Business Wire)--
Kindred Healthcare, Inc. (the "Company" or "Kindred") (NYSE:KND) today
announced that its subsidiary has acquired Homecare Advantage, Inc.
("Homecare Advantage") for a purchase price of approximately $2 million
in cash. Homecare Advantage is a high-quality provider of home health
services which operates one location in the Los Angeles, California
market and provides services in Los Angeles and Orange (News - Alert) counties.
Homecare Advantage currently generates annualized revenues of
approximately $2.5 million. The Homecare Advantage location will allow
Kindred to expand its service area and operations in the Los Angeles
market, which currently includes one nursing and rehabilitation center,
nine transitional care hospitals, one hospital-based sub-acute unit,
three home healthcare locations and, through its RehabCare division,
three hospital-based acute rehabilitation units.
The Company financed the transaction with operating cash flows and
proceeds from its revolving credit facility. Homecare Advantage had no
outstanding long-term ebt at closing.
Paul J. Diaz, Chief Executive Officer of the Company, commented that
"Homecare Advantage will allow us to continue expanding our continuum of
post-acute services in our key Los Angeles integrated care market
enabling us to better "Continue the Care" for our patients throughout a
post-acute episode. We look forward to finding additional opportunities
to expand our Homecare and Hospice services in 2013. We believe that the
further expansion of our continuum of post-acute care services in our
key integrated care markets supports the growing interest among
patients, physicians, hospital systems and public and private payors for
high-quality, patient-centered integrated care."
About Kindred Healthcare
Kindred Healthcare, Inc., a top-125 private employer in the United
States, is a FORTUNE 500 healthcare services company based in
Louisville, Kentucky with annual revenues of $6 billion and
approximately 78,000 employees in 46 states. At September 30, 2012,
Kindred through its subsidiaries provided healthcare services in 2,212
locations, including 117 transitional care hospitals, six inpatient
rehabilitation hospitals, 224 nursing and rehabilitation centers, 27
sub-acute units, 102 hospice, home care and private duty locations, 104
inpatient rehabilitation units (hospital-based) and a contract
rehabilitation services business, RehabCare, which served 1,632
non-affiliated facilities. Ranked as one of Fortune magazine's Most
Admired Healthcare Companies for four years in a row, Kindred's mission
is to promote healing, provide hope, preserve dignity and produce value
for each patient, resident, family member, customer, employee and
shareholder we serve. For more information, go to www.kindredhealthcare.com.
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