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LAFAYETTE, La., May 30, 2013 (GLOBE NEWSWIRE) -- LHC Group Inc. (Nasdaq:LHCG) has entered into a purchase agreement to acquire the assets of AseraCare Home Health. The transaction will expand LHC Group's geographical footprint to 310 locations across 26 states.
The acquisition will include four home health agencies located in Atlanta, Ga.; Bloomington, Minn.; Milwaukee, Wis.; and Pittsburgh, Pa. The estimated 65 and older population in the acquired service area totals 1.2 million. Annual revenue is approximately $5 million.
"It is with great pleasure that I welcome AseraCare's home health patients and employees into our LHC Group family," said Keith G. Myers, LHC Group's chairman and CEO. "We are proud to be part of these communities and look forward to partnering with local clinicians to deliver high-quality health care that allows patients to safely remain in the comfort of their homes."
The transaction is expected to close on or around June 28th and is subject to customary closing conditions.
About LHC Group Inc.LHC Group Inc. is a national provider of post-acute care, providing quality, cost-effective health care to patients within the comfort and privacy of their home or place of residence. LHC Group provides a comprehensive array of post-acute healthcare services through home health, hospice and community-based service agencies in its home-based division and long-term acute care hospitals in its facility-based division.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's future financial performance and the strength of the Company's operations. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group's relationships with referral sources, increased competition for LHC Group's services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations, and other risks set forth in Item 1A. Risk Factors in LHC Group's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Eric Elliott