Stoneridge Partners Represents Kindred in recent Arkansas acquisition
NEWS RELEASE Source: Kindred Healthcare, Inc.
LOUISVILLE, Ky. & LITTLE ROCK, Ark.–(BUSINESS WIRE)–Aug. 1, 2016– Kindred Healthcare, Inc. (“Kindred” or the “Company”) (NYSE:KND) and the Arkansas Department of Health (“ADH”) today announced that the parties have completed a previously announced agreement for Kindred to acquire the in-home health care operations (the “Agency”) from ADH, which includes licenses to provide home health, hospice and personal care services throughout the state of Arkansas, for approximately $39 million. Kindred reached an agreement with ADH following a state bidding process.
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In the transaction, Kindred acquired the Agency’s licenses to provide home health and personal care services in 69 counties and hospice services in 42 counties. As part of the agreement, Kindred agreed to retain all current employees and agreed to serve all current patients upon consent. Including the home health and hospice services that Kindred previously provided in Arkansas, Kindred now provides in-home healthcare services in 72 of the state’s 75 counties.
“We welcome the Agency’s caregivers to our team as we expand our Kindred at Home operations in Arkansas,” said Benjamin A. Breier, Kindred’s President and Chief Executive Officer. “We are excited to build on the state’s program and look forward to bringing our care and clinical protocols to these operations to improve the ability of patients to safely return home or to remain in their home.”
“The Arkansas Department of Health is pleased to have completed our agreement with Kindred on schedule, in order to assure continuity of care for patients and a smooth transition for staff,” said Nathaniel Smith, MD, MPH, Director of the Arkansas Department of Health and State Health Officer. “I am happy to see these services continue inArkansas and am glad that our dedicated staff will have a chance to keep providing these services.”
“I am pleased the transfer of services from the Arkansas Department of Health’s In-Home Services program to Kindred Healthcare has been completed,” said Asa Hutchinson, Governor of Arkansas. “The sale’s finalization is a great next step for both patients and employees of the program. I look forward to Kindred Healthcare continuing the efforts of ADH in the private sector and keeping patients connected to exceptional home health, hospice and care services in Arkansas.”
Our Associate Buyside Partner Rhonda Gronberg represented Kindred in this recent acquisition of the Arkansas Department of Health’s in-home health operations. Other media coverage includes: Home Health Care News and Biz Journals.
Rhonda Gronberg has worked over 20 years in the financial industry with major companies, including ITT Capital, GE Capital Corp., Bank of Tokyo and PNC Bank. As a result, she has developed an impressive client base and professional network across the country. Throughout her career, Rhonda has worked with owners of small companies, as well as, CEO’s and CFO’s of large corporations in helping them assess capital equipment financing needs. As Associate Buyside Partner, Rhonda works with large corporate and regional buyers to locate, examine and close quality home health and hospice agencies across the country. Rhonda works in our Ft. Myers, Florida, office. Contact her at [email protected] or (800) 218-3944.
About Kindred Healthcare
Kindred Healthcare, Inc., a top-90 private employer in the United States, is a FORTUNE 500 healthcare services company based in Louisville, Kentucky with annual revenues of approximately $7.2 billion(1). At March 31, 2016, Kindred through its subsidiaries had approximately 102,000 employees providing healthcare services in 2,700 locations in 46 states, including 95 transitional care hospitals, 19 inpatient rehabilitation hospitals, 92 nursing centers, 20 sub-acute units, 618 Kindred at Home home health, hospice and non-medical home care sites of service, 104 inpatient rehabilitation units (hospital-based) and a contract rehabilitation services business, RehabCare, which served 1,752 non-affiliated sites of service. Ranked as one of Fortune magazine’s Most Admired Healthcare Companies for seven years, 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: Kindred Healthcare, Susan E. Moss, Senior Vice President, Marketing and Communications at 502-596-7296 or [email protected].
(1) Revenues based upon Kindred consolidated revenues for the twelve months ended March 31, 2016.
About the Arkansas Department of Health (ADH)
ADH is a centralized health department, operating health units in each of the state’s 75 counties. ADH works to protect, improve and promote the health of all Arkansans with the support of dedicated employees and public and private partners. Each year, Department employees monitor and investigate public health diseases and threats, provide preventive health services in clinical settings, enforce laws and regulations, support Hometown Health Improvement, promote healthy behaviors and respond to public health emergencies. For more information: Arkansas Department of Health / Office of Health Communications, Meg Mirivel, MA, Public Information Officer at 501-280-4768 or [email protected].