Corporate Updates

Kindred will buy Professional Healthcare

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Kindred Healthcare Inc. said that it agreed to pay $51 million to buy Professional HealthCare LLC, a home health, hospice, nursing and medical equipment company. Kindred said Professional HealthCare runs 27 locations in Northern California, Arizona, Nevada, Utah, and has about $53 million in annual revenue. It is currently owned by Mainsail Partners. Kindred said it expects to complete the acquisition by the end of the third quarter, and said the deal should slightly increase its profit in 2012. Kindred operates 21 nursing and rehabilitation centers and four long-term acute care hospitals in the states where Professional HealthCare does business. In June, Kindred acquired competitor RehabCare Group Inc. for $900 million. That deal significantly expanded Kindred’s contract services business as well as giving it new long-term acute care hospitals and rehabilitation centers. As of June 30, Kindred said it provided services at about 2,200 locations, including 120 long-term acute care hospitals, 224 nursing and rehabilitation centers and 104 inpatient rehabilitation units.

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