Kennett Square, Pa. – Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that it has completed the previously announced divestiture of the majority of its home health and hospice operations. The operations were sold to Compassus, a nationwide network of community-based hospice and palliative care programs, for $72.0 million in cash and a short-term $12.0 million promissory note.
The hospice and home health operations, which were acquired via its February 2015 combination with Skilled Healthcare, are located in California, Idaho, Montana, and New Mexico. In 2015, Genesis’ home health and hospice businesses had aggregate revenue and EBITDA totaling approximately $70 million and $9 million, respectively.
Genesis intends to use the sale proceeds to repay indebtedness.
About Genesis HealthCare
Genesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to "Genesis," "the Company," "we," "us" and "our" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.