Transactions: Choice Secures $190M Credit Facility; Androscoggin Announces Behavioral Health Acquisition

Choice Health at Home closes on $190 million credit facility

Choice Health at Home has secured a $190 million credit facility. It has also acquired Kindful Hospice and Amed Home.

Financial terms of those two deals were not disclosed. The credit facility was led by Oxford Finance, while AllianceBernstein and Maranon Capital acted as co-syndication agents.

The Tyler, Texas-based Choice is a home health, hospice and rehabilitation services provider that has made some serious growth moves of late. In addition to the credit facility, the company has also received backing from two PE companies – Trive Capital and Coltala Holdings.

Choice operates dozens of locations, primarily in Texas and Oklahoma, but has ambitions to expand much further. In fact, CEO David Jackson told Home Health Care News that the company eventually wants to span from Louisiana to Southern California.

Kindful Hospice operates six locations out of Oklahoma and Kansas. On its end, Amed Home Health has eight locations in Texas.

“I am very proud of this vote of confidence by Oxford Finance, AllianceBernstein and Maranon Capital,” Jackson said in a statement. “The mission of Choice is to provide a full continuum of post-acute health care at home. This facility will allow our company to significantly expand the scope and reach of those services.”

Androscoggin announces Care & Comfort acquisition

The Maine-based Androscoggin Home Healthcare + Hospice has announced the acquisition of Care & Comfort, a home and behavioral health care company also based in Maine. The deal will take effect on Feb. 1.

A combination of the two organizations will provide Maine residents with access to “an expanded network of professional caregivers and health care services,” according to a press release announcing the news.

Founded in 1966, Androscoggin is a nonprofit operator that employs 500 workers across nine counties in Maine. The acquisition will allow it to reach all 16 Maine counties, according to the company.

On its end, Care & Comfort’s footprint includes five locations that currently serve 13 Maine counties. Historically, Care & Comfort has been a for-profit provider, but that will change once the transaction is completed.

Androscoggin CEO Ken Albert told HHCN sister site Hospice News that Care & Comfort’s strong reputation in the community, financial performance and low employee turnover were key drivers of its interest in the first place.

“Based on our due diligence from a financial and legal perspective, they checked all the boxes,” Albert said. “They’ve done a really good job building an employee base and building a good reputation here.”

Providence Care gets PE backing

The private equity company InTandem Capital Partners has completed a growth investment into Providence Care. Financial specifics were not disclosed.

The South Carolina-based Providence provides a wide variety of in-home care to more than 3,000 patients, including: house calls, home health care, palliative care, telehealth services and hospice.

“Most important to us was finding a partner that shares our belief in putting the needs of the patient care first and specializes in preparing and helping companies execute and accelerate on their growth,” Johnnie Garmon, the founder and chief growth officer of Providence, said in a statement. “It is an honor to welcome a team of investors and operators who have deep experience and success within the broader healthcare ecosystem.”

InTandem has a portfolio that includes other senior-related companies mostly tied to oral care, as well as Thrive, which is an at-home pediatrics care company.

“Our investment in Providence Care aligns perfectly with our strategy and standards for partnering with high-quality health care companies,” Todd Squilanti, managing director of InTandem Capital, said.

In addition, Providence Care has also named a new CEO in Larry Nabb. Nabb has a track record of working in home-based care and hospice, most recently serving as president and COO of Remita Health.

Lakeland Regional Health acquires stake in BayCare HomeCare

Lakeland Regional Health has acquired a minority stake in the Florida-based BayCare Home Care. The deal was effective as of Dec. 1.

As part of the deal, BayCare HomeCare services will now be known as BayCare HomeCare/Lakeland Regional Health in Polk County, Florida. The partnership was formed to “improve access to high-quality post-acute care for Polk County patients,” according to a press release.

BayCare HomeCare provides in-home care and support services to 13 counties along Florida’s West Coast. It is the home-based care arm of the BayCare Health System.

“We are excited to join with BayCare HomeCare in Polk County to expand and strengthen access to post-acute care within our community,” Danielle Drummond, the president and CEO of Lakeland Regional Health, said in a statement. “Patients will greatly benefit from this arrangement as it will improve and streamline the transition from hospital to home health care. By working with BayCare HomeCare for these services, we believe we can improve care delivery at a much faster pace than by pursuing on our own.”

The two nonprofit organizations will work together to enhance care coordination, patient communications and discharge planning, all while reducing readmissions. BayCare has also participated in hospital-at-home models in the past.

The Care Team acquires Crossroads Hospice

The Michigan-based Care Team, a home health and hospice provider, recently completed its acquisition of the Texas-based Crossroads Hospice. Financial terms of the deal were not disclosed.

The Care Team has a footprint in Michigan, Pennsylvania and Texas, which made Crossroads an appealing target.

“We are thrilled to partner with the Crossroads team and expand our presence in Texas,” Jason Laing, founder and CEO of The Care Team, said in a statement. “Crossroads’ culture, quality of care and compliance standards are very well-aligned with those of The Care Team, making this an exciting combination.”