Pennant Announces Agreement to Purchase the Assets of Signature Healthcare at Home

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[{"type":"text","content":"EAGLE, Idaho, July 11, 2024 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, announced today that it has entered into asset purchase agreements to acquire assets of certain affiliates of Signature Healthcare at Home (“Signature”) for a combined purchase price of $80,000,000. Signature is a key provider of home health and hospice services in the Pacific Northwest, with multiple locations throughout Oregon, Washington and Idaho. Signature employs a team of over 650 dedicated home health and hospice staff, with annual revenue of approximately $78 million, home health admissions of over 12,000, and an average daily hospice census of over 300, each over the trailing twelve months. Pennant’s agreement to purchase the Signature assets is reflected in two separate purchase agreements, each subject to customary closing conditions and regulatory approvals. The purchase of the Washington and Idaho assets is anticipated to close on August 1, 2024, while the purchase of the Oregon assets is anticipated to close January 1, 2025. The final purchase price is subject to certain adjustment based on potential changes in the business between signing and closing of the agreements. The acquisition will add to Pennant’s existing strength in the region while building out Pennant’s operational footprint. In Washington—a certificate of need state—Signature’s locations in Bellingham, Burlington, Everett and Federal Way will complement Pennant’s existing operations along the I-5 corridor. In Oregon, where Pennant operates in Portland and Grants Pass, the purchase will add seven locations in key population centers across the state. And in Idaho, Signature’s operations in Nampa and Payette will reinforce Pennant’s leading position in Southwest Idaho. “This is a significant acquisition in Pennant’s history,” said Brent Guerisoli, Pennant's Chief Executive Officer. “We are excited to make this investment because of the quality of Signature’s people and operations. Its locations, its philosophy, and its culture are a perfect complement to our existing operations in the Pacific Northwest,” continued Mr. Guerisoli. “A key tenet of Pennant’s disciplined growth strategy is that we make acquisitions from a foundation of strength, where we have solid exi...

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