Business
Aveanna Healthcare Completes Acquisition of Accredited Home Care
Bolsters Aveanna’s Strong Private Duty Services Business ATLANTA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings, Inc. (NASDAQ: AVAH), a
About this update from Aveanna Healthcare Holdings Inc.
[{"type":"text","content":"Bolsters Aveanna’s Strong Private Duty Services Business\nATLANTA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Aveanna Healthcare Holdings, Inc. (NASDAQ: AVAH), a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations, today announced that it has successfully completed its acquisition of Accredited Home Care (“Accredited”), a leading private duty services company based in Southern California, for a base purchase price of $180 million, plus up to $45 million subject to satisfaction of certain 2021 volume targets. Aveanna expects to fully integrate Accredited in 2022, with a majority of the integration process occurring in the first 180 days. Founded in 1980, Accredited is one of the largest home care agencies in the Western United States, providing nursing and home health services to more than 9,000 patients annually through its team of 6,250 field nurses and caregivers. Accredited has been recognized as one of the nation’s HomeCare Elite in repeated years. Accredited has five offices located in Los Angeles, Orange, and San Diego counties. Accredited had approximately $114.8 million in revenue for the twelve months ended August 31, 2021. Accredited currently derives 86% of its revenues through Medicaid or other state-funded programs. Rod Windley, Executive Chairman of Aveanna, said: \"We are excited to add Accredited’s growing and well-respected business to Aveanna’s offerings in California. Accredited’s strong unskilled home care business has provided thousands of patients the ability to reduce their need for institutional care and reduce their overall healthcare expenditures. This combination will enhance Aveanna’s position in California to benefit from the accelerating utilization of a growing variety of home-based care options for patients and their families.” Barry Berger, President and Founder of Accredited, said: “I formed this company in 1980 based on the core principles of maintaining a strong and ethical culture, always putting the patients first, and creating a positive work environment that values our associates for their outstanding contributions. We are pleased to have found in Aveanna a company that shares our commitment to excellence, professionalism, growth, and a family spirit. I am confident that the future with Aveanna is bright.” Edge Healthcare Partners se...