Addus Closes Public Offering of Common Stock
Frisco, Texas-based Addus HomeCare Corporation (Nasdaq: ADUS) has closed an underwritten public offering of 2,100,000 shares of its common stock at a public offering price of $59.00 per share.
Addus is a provider of home care, home health and hospices services operating in 157 locations across 25 states.
Addus sold 1,075,267 shares of common stock in the offering, while Eos Capital Partners III, L.P. sold 1,024,733 shares. Net proceeds to Addus from the offering totaled about $59 million after deducting underwriting discounts and estimated offering expenses, according to the company.
Jefferies LLC, RBS Capital Markets, LLC and Raymond James & Associates, Inc. acted as joint book-running mangers for the offering. Robert W. Baird & Co. Incorporated, Oppenheimer & Co. Inc., and Stephens Inc. acted as co-managers.
Addus intends to use the net proceeds from the offering for general corporate purposes, including to potentially fund a portion of any future acquisitions that it may complete.
Care Advantage Acquires Two Home Care Providers
Richmond, Virginia-based Care Advantage, Inc. has acquired Paradise Homecare and A Hopeful Home.
Care Advantage Inc. is a portfolio company of BelHealth Investment Partners LLC.
Paradise HomeCare and A Hopeful Home are also based in Richmond.
Paradise HomeCare provides in-home skilled nursing services to primarily Medicare beneficiaries. The acquisition expands Care Advantage’s skilled division in the Richmond market, according to the company. The addition of Paradise’s clinical resources and sales staff will help Care Advantage become a market leader in skilled home health services.
A Hopeful Home provides in-home personal care services to primarily seniors and individuals with disabilities, serving both Medicaid and private-pay patients.
“Paradise will provide a substantial boost to our skilled division as we combine the strong clinical resources and operational knowledge of both companies,” Care Advantage CEO Tim Hanold said in a statement. “A Hopeful Home was integrated into our personal care operations and further strengthens our market presence with private pay and Medicaid patients.”
In addition to its two acquisitions, Care Advantage has also closed the buyout of its joint venture with Jefferson Area Board for Aging, which owned a 50% stake in Care Advantage Plus, an organization that focuses on personal care services in the Charlottesville area.
Care Advantage will continue to aggressively pursue acquisitions in Virginia and other contiguous states, according to BelHealth Investment Partners LLC leadership.
Care Advantage is among Virginia’s largest privately held home health care providers. The company’s corporate headquarters are in Richmond, with an additional 19 branch locations throughout the state. Care Advantage provides private duty, personal care and skilled nursing services.
Maxwell Healthcare Associates Partners with Home Health and Hospice Coding and Appeals Company
Shoreview, Minnesota-based Maxwell Healthcare Associates is partnering with Madison Heights, Michigan-based Gateway Coding and Consulting.
Maxwell Healthcare Associates is a post-acute operational, financial, technological, clinical and regulatory consulting firm, while Gateway Coding and Consulting is a home health and hospice coding, recovery and appeals company. The partnership between the two businesses will bring a coding and recovery presence to Maxwell, while providing Gateway with home health and hospice consulting services.
“Coding is an essential task that when offloaded to external experts like Gateway, offers providers more time to work on the big picture aspects of their businesses and better serve patients,” MHA president and Co-Founder Jennifer Maxwell said in a statement. “After vetting handfuls of coding companies, we found Gateway to be the most aligned with [Maxwell’s] philosophies and processes—ensuring the best quality of services to our clients.”
Among its services, Gateway offers certified OASIS coders, along with supplementary data review to help agencies see opportunities for optimization and staff education.
Its arrangement with Gateway is the second partnership announced by Maxwell in August.
New Hospice Center Opening
The Hospice of Central Ohio, an affiliate of Ohio’s Hospice, is holding a grand opening for a new office on Aug. 23.
The office will provide patients in the Zanesville, Ohio, area another option for hospice care services, according to the Times Recorder. Construction is currently being finished at the office at 1166 Military Road, Suite A.
Services the not-for-profit facility will provide to eligible patients include nursing services, aide services and social work. Respiratory, massage, occupational and other therapies will also be available, along with chaplain services.
Hospice of Central Ohio provides palliative care services to more than 200 patients daily.
County Sells Home Health Agency for $2 Million
A North Carolina county’s board of commissioners has voted to sell a county-owned home health agency for $2 million.
The Nash County board of commissioners voted to sell its Home Health Agency to HealthView Capital Partners with $250,000 set aside in escrow for the first year to protect the buyer from liability, according to the Rocky Mount Telegram. The escrow amount will drop to $125,000 the following year.
HealthView will take on the agency’s current patients, while all of the agency’s remaining employees will be offered positions with the new company.
Written by Robert Holly