LHC Group Inc. (Nasdaq: LHCG) is spending $2 million to buy two home health and hospice centers.
The buyer picked up Buckhannon, W.Va-based St. Joseph Hospital Home Health and Hospice, and Professional Nursing Services, based near Raleigh, N.C. The St. Joseph business was sold by St. Joseph's Hospital, and the North Caroline business is being sold by a family business.
Lafayette, La.- based LHC provides home health care, hospice and community-based health care.
The deal fits with LHC's strategy to increase its service area by acquiring small, underdeveloped providers, says Keith Myers, LHC CEO. The company has announced several other acquisitions, including Deaconess HomeCare and Elk Valley Health Services for $60 million in February.
Similar health care deals have come from Brookdale Senior Living Inc., which agreed to buy Emeritus Corp.in February, and Kindred Healthcare Inc. (NYSE: KND), which closed a deal for two nursing centers in February.