St. Paul, Minn.-based St. Croix Hospice has expanded its footprint in the Wisconsin market with the acquisition of Hometown Hospice & Homecare for an undisclosed amount. St. Croix is a subsidiary of the Chicago-based investment firm Vistria Group.
Hometown, headquartered in the town of Brookfield, operates three hospice and home health care locations in eastern Wisconsin. In addition to bolstering its hospice services, the acquisition marks St. Croix first steps into the home health care area.
“It is our mission to bring the highest quality care to patients and families throughout the Midwest. We are thrilled at the opportunity to partner with a similarly high-performing, mission-driven organization which allows us to expand our services in eastern Wisconsin,” said Heath Bartness, CEO of St. Croix Hospice.
Prior to the acquisition St. Croix’s footprint extended to 27 locations throughout the Midwest, including locations in Iowa, Kansas, Minnesota, Wisconsin, Nebraska and Iowa.
In addition to hospice and home health care, Hometown provides speech therapy, physical and occupational therapy as well as home health aides.
The Medicare-eligible population in Wisconsin is growing faster than the national average, according to the state’s Department of Health Services. By 2040, 18 counties in Wisconsin are projected to have at least 33% of their total population ages 65 and older. Three of these counties are estimated to reach 40%.
Hospice utilization is also high in the state. Wisconsin ranks eighth in the nation at 54.2% for the number of Medicare decedents who enroll in hospice. Utah has the highest utilization at 59.4%.
“Hometown represents an exciting addition to the St. Croix family from each of a geographic, talent and clinical perspective,” David Schuppan, senior partner at The Vistria Group and a St. Croix board member, said. “The St. Croix team strives to be industry leaders to all hospice stakeholders and we’ve enjoyed the opportunity to work them as they expand and enhance their geographic coverage and capabilities, respectively, throughout the region.”
The Vistria Group is a Chicago-based private investment firm focused on investing in middle market companies in the healthcare, education and financial services sectors.