LHC Group Completes Acquisition of Home Health Business From Addus HomeCare
LAFAYETTE, La., Feb. 28, 2013 (GLOBE NEWSWIRE) -- LHC Group Inc. (Nasdaq:LHCG)
has completed the previously announced acquisition of the home health service
line of Addus HomeCare Corp. (Nasdaq:ADUS). The closing will be effective at
12:01 a.m. on March 1, 2013. All conditions to closing have been satisfied.
The acquisition encompasses 19 home health agencies and two hospice agencies
in five states. Specifically, LHC Group acquired 100 percent of the assets of
three home health agencies in Arkansas, one home health agency and two hospice
agencies in South Carolina and one home health agency in Nevada. The company
also acquired 90 percent of the assets of eight home health agencies in
Illinois and six in California, with Addus retaining a 10 percent ownership
interest in those locations. Both Arkansas and South Carolina are certificate
of need states.
The estimated 65 and older population in the acquired service area totals 2.6
million. Annual revenue is approximately $36.7 million. Purchase price for the
transaction was $20 million. LHC Group, a national provider of post-acute
care, now operates more than 300 locations in 23 states nationwide.
About LHC Group Inc.
LHC Group is a national provider of post-acute care, providing quality,
cost-effective health care to patients within the comfort and privacy of their
home or place of residence. LHC Group provides a comprehensive array of
post-acute healthcare services through home health, hospice and private duty
locations in its home-based division and long-term acute care hospitals in its
Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995, such as statements about the Company's future financial performance
and the strength of the Company's operations. Such forward-looking statements
may be identified by words such as "continue," "expect," and similar
expressions. Forward-looking statements involve a number of risks and
uncertainties that may cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including changes in
reimbursement, changes in government regulations, changes in LHC Group's
relationships with referral sources, increased competition for LHC Group's
services, increased competition for joint venture and acquisition candidates,
changes in the interpretation of government regulations, and other risks set
forth in Item 1A. Risk Factors in LHC Group's Annual Report on Form 10-K for
the year ended December 31, 2011, filed with the Securities and Exchange
Commission.LHC Group undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
CONTACT: Eric Elliott
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