Traditions Healthcare Holding Company, LLC, a portfolio company of Dorilton Capital Advisors LLC, has acquired Hospice Connection, a hospice provider based in Tyler, Texas, for an undisclosed sum.
“I am extremely excited to grow our presence in and continue to serve the community of East Texas,” Bryan Wolfe, president and CEO of Traditions Holdings Company, L.L.C.
Texas-based Traditions provides hospice care and other health care services to more than 60 counties in its home state as well as nearly 70 communities in Southern California. The company offers traditional hospice services, including medication management, physician and nursing care, social work, counseling, chaplain, volunteer, and bereavement, as well as medical equipment and supplies related to the hospice diagnosis.
This is the most recent in a series of M&A transactions Traditions has completed within the past year. Traditions entered the California market in 2018 through its purchase of ProCare Hospice Corporation, headquartered in Oxnard, Calif., for an undisclosed sum. Also during 2018, the company acquired Family First Hospice, Inc., and Family First Palliative Care, Inc., growing its presence in the the greater Dallas area.
“Expanding our brand to Southern California is a big accomplishment for our organization,” Wolfe said of the ProCare transaction.
Overall, M&A activity in the hospice space has been on the uptick during the past two years, a trend that many expect to continue during 2019. Valuations in the hospice sector have reached an all-time high.
“The historically fragmented post-acute industry has proven an opportunity for consolidation and investment from private equity funds, particularly in the home health and hospice settings,” according to a report from the health care valuation and transaction advisory firm VMG Health.