Pennant Announces Agreement to Purchase the Assets of Signature Healthcare at Home
11 Julio 2024 - 11:41AM
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 existing leaders
and well-performing operations. This deal is a great example of
that, and it will provide opportunities for current and future
operators within the Signature footprint to become C-level leaders
in Pennant.”
Mary Kofstad, President of Signature Healthcare
at Home, added: “After twenty-five years of serving communities
across the Pacific Northwest, we are excited to be acquired by
Pennant. The match between our companies could not be better in
terms of our shared commitment to the mission of enhancing the
lives of those we serve, our similar core values, and our focus on
the growth and development of our leadership and clinical teams.
This transition represents significant professional and personal
growth opportunities for our Signature colleagues, whose inspiring
dedication and work ethic have made us who we are, and who will
continue to write new chapters in the Signature story with the
additional support and resources provided by the Pennant
Group.”
"We have known Signature and its leaders for
years, including through the acquisition of their Northern Utah and
Eastern Idaho locations several years ago. We have great respect
for the talented team they have built and its impact on many
communities across Oregon and Washington that we don’t currently
serve," said John Gochnour, Pennant’s President and Chief Operating
Officer. “As we transition these operations into the Pennant fold,
we are pleased to deepen our presence in these key states and to
provide Signature’s leaders and staff the opportunity to benefit
from our innovative operating model and leadership development
programs, while also implementing clinical and operational best
practices that will benefit patients and their communities.”
Mr. Gochnour reiterated that Pennant will
continue to pursue opportunities for growth in the home health,
hospice and senior living industries, targeting strategic and
underperforming operations of all sizes.
About Pennant
The Pennant Group, Inc. is a holding company of
independent operating subsidiaries that provide healthcare services
through 115 home health and hospice agencies and 54 senior living
communities located throughout Arizona, California, Colorado,
Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington,
Wisconsin and Wyoming. Each of these businesses is operated by a
separate, independent operating subsidiary that has its own
management, employees and assets. References herein to the
consolidated "company" and "its" assets and activities, as well as
the use of the terms "we," "us," "its" and similar verbiage, are
not meant to imply that The Pennant Group, Inc. has direct
operating assets, employees or revenue, or that any of the home
health and hospice businesses, senior living communities or the
Service Center are operated by the same entity. More information
about Pennant is available at www.pennantgroup.com.
Pennant Contact Information
The Pennant Group, Inc.(208) 506-6100ir@pennantgroup.com
SOURCE: The Pennant Group, Inc.
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