Corporate Updates

Kindred Healthcare acquires professional healthcare for $51 m

Kindred Healthcare Inc. announced that its subsidiary has acquired the equity of Professional HealthCare, LLC, a portfolio company of Mainsail Partners, for a purchase price of $51 million in cash. Professional Healthcare is a provider of home health, hospice, private duty nursing services and durable medical equipment. The company noted that it used its operating cash flows and proceeds from its revolving credit facility to finance the transaction. Professional had no outstanding long-term debt at closing. Professional operates 27 locations in northern California, Arizona, Nevada and Utah that currently generate annualized revenues of approximately $53 million. The company expects that the transaction will be slightly accretive to earnings in 2012.

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