Traditions Health has been acquired by four hospice providers, each dividing the company’s assets across their geographic footprints.
The Care Team, VitalCaring, LifeCare Home Health Family and Mission Healthcare have each purchased a portion of Traditions Health’s locations. Financial terms of these transactions are undisclosed. Traditions was formerly a portfolio company of the private equity firm Dorilton Capital Partners.
“Our patients, communities, and teams will benefit as we combine our proven track record of quality hospice care delivery with Traditions Health’s strengths,” said Dan Shoemaker, CEO of The Care Team, in a statement. “As our patient population expands, and as awareness and utilization of our services continue to rise, the ability for hospice providers to make a meaningful difference in people’s lives has never been greater. This purposeful partnership represents an opportunity to quickly – and carefully – expand our mission, reach, and team so that we can serve more people alongside more caring professionals.”
Franklin, Tennessee-headquartered Traditions provides hospice, home health and palliative care as well as consulting services across 18 states.
The transaction is unusual due to the involvement of multiple buyers. Large platform transactions like the Traditions deals have become a rarity during the past few years, as the hospice M&A market slumped. However, a number of assets that were acquired by private equity in the record-breaking years in 2020 and 2021 are now reaching maturity and will likely come up for sale. Each of the four buyers is also backed by various private equity firms.
The four buyers have split Traditions’ assets geographically. The Care Team now owns the company’s hospice and palliative care locations in Illinois, Indiana, Ohio and Virginia.
VitalCaring Group has acquired home health, hospice and palliative operations in Alabama, Arizona, Kansas, Louisiana, Missouri, Mississippi, Nebraska, Nevada, Oklahoma and Texas. Meanwhile, LifeCare Home Health Family has acquired hospice and palliative operations in Georgia.
Finally, Mission Healthcare has acquired hospice and palliative operations in California and Oregon.
“This acquisition marks an important step in our mission to deliver a seamless continuum of care for patients and families across the West Coast,” Mark Kimsey, CEO of Mission Healthcare, said in a statement. “Our commitment remains focused on improving outcomes, supporting families, and honoring the dignity of every patient throughout their health care journey.”