Gentiva, a hospice company backed by Clayton Dubilier & Rice and Humana Inc., has bought hospice and home-care assets from ProMedica‘s Heartland in a deal valued at $710 million including debt, as reported by Bloomberg News.
The deal looks to expand Gentiva’s reach to more than 500 locations from about 380 after the transaction closes, says CEO David Causby, Bloomberg reported, and the patient count looks to jump from 34,000 from about 25,000 while its employee base will increase by 4,000 from over 30,000. Gentiva has received committed-debt financing from Goldman Sachs Group Inc. to help fund the deal, according to Bloomberg.
Deutsche Bank AG, UBS Group AG, BNP Paribas SA, Citizens Financial Group Inc., Truist Financial Corp. and Wells Fargo & Co. advised Gentiva and provided financing. Houlihan Lokey Inc. advised ProMedica.