Private equity-backed hospice and home health provider Traditions Health, LLC has purchased Oklahoma-based Centennial Hospice for an undisclosed sum. The move expands the company’s footprint in the Oklahoma City market.
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.
“I am extremely excited to strengthen our existing presence in Oklahoma. This is an enormous accomplishment for our organization, and we could not be more excited to welcome the employees and patients of Centennial into the Traditions family,” said Bryan Wolfe, president and CEO of Traditions.
Traditions has been active in the mergers and acquisitions market during the past two years, completing 10 transactions in 2019 and so far in 2020. Late last week, the company purchased multistate provider Harbor Light Hospice, adding 15 locations in seven states to its footprint.
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.
Hospice utilization in Centennial’s home state of Oklahoma reached 50.4% among Medicare decedents in 2018, compared to a national average of 50.1%, according to the National Hospice & Palliative Care Organization (NHPCO). The 2019 national utilization rate was 51.6%, the Medicare Payment Advisory Commission has reported.
“We look forward to joining the Traditions team where we will continue to provide exceptional care and service to our patients,” Kevin Offel, president and CEO of Centennial. “It has been a great pleasure working alongside the Centennial ownership group, management team and our loyal team of caregivers. We are excited to continue this journey under the Traditions umbrella.”