Traditions Health, LLC, has acquired Illinois-based Harbor Light Hospice, a multi-state provider of hospice services, for an undisclosed amount. The acquisition strategically expands the Traditions Health footprint into several new key markets.
Traditions is a portfolio company of family-owned investment firm Dorilton Capital Advisors. Headquartered in College Station, Texas, the company provides hospice, home health care and consulting services to roughly 4,000 patients across 13 states. In addition to hospice and home health, the company offers skilled nursing and therapy services.
Harbor Light Hospice has locations across Illinois, Indiana, Nebraska, Ohio, Oregon, Virginia and Texas, also doing business as Hospice Care of the Northwest, Hospice Community Care and Texas Start Hospice in various markets.
The organization in 2018 brought in $23.29 million in revenue, according to a report from Dun & Bradstreet (NYSE: DNB), a company that collects commercial data and analytics. Chuck Brown of Healthcare Consulting, LLC, acted as the sell-side advisor to Harbor Light Hospice on the transaction.
“We are excited to expand our services to several new regions while simultaneously strengthening our presence in multiple existing markets,” said Traditions’ president and CEO Bryan Wolfe. “Harbor Light shares our mission of providing high-quality care to patients and their families. This is an enormous accomplishment for our organization.”
Traditions has been on a strong growth trajectory in 2020 and 2019, completing nine transactions in two years. Most recently, the company completed deals in September, August and June.
Traditions acquired two hospices in September, completing deals on Oklahoma-based Physician’s Choice Hospice and Palladium Hospice, which operates in multiple states in the Southeast. In August, the company purchased Faith Hospice of Oklahoma and Embrace Hospice of Georgia from Diversified Health Care. Traditions acquired Tomboll, Texas-based Hospice with Grace in June, expanding the company’s reach in the Houston region. Financial terms for each of these transactions were kept confidential.
The Harbor Light transaction adds fifteen locations in seven states to Traditions’ portfolio, including Ohio, which ranked sixth in the nation in hospice utilization among Medicare decedents at 56.7% during 2018, according to the National Hospice and Palliative Care Organization. Utah holds the lead at a rate of more than 60%.
“We are delighted to have our team join the Traditions family and help Traditions expand its coverage to a national scale,” said Greg Thome, president and CEO of Harbor Light Hospice. “We look forward to integrating our company’s leadership and patient-centric mentality with Traditions. We believe this is a great fit for everyone at Harbor Light and are excited about the opportunity going forward.”