Traditions Health, LLC, has purchased two hospice companies in Louisiana as well as two home health operations in Oklahoma. The hospice acquisitions – Grace Hospice & Palliative Care and Heritage Hospice – mark the company’s entry to the Louisiana market.
The two acquired home health agencies are Traditions Home Care and Secure Home Care. These will be the company’s first home health holdings in Oklahoma, where it has three recently acquired hospice operations. Traditions Health is a portfolio company of the family-owned investment firm Dorilton Capital Advisors.
“I am delighted to grow the Traditions family in Louisiana and to deepen our capabilities in Oklahoma through the addition of eastern Oklahoma’s premier home health agencies,” said Bryan Wolfe, president and CEO of Traditions Health. “This announcement is a fitting way to cap off what’s been an exciting year for Traditions Health. We look forward to working with the employees and patients of Traditions (Okla.), Secure, Grace, and Heritage, in the new year and beyond.”
Traditions has completed seven hospice transactions since June 2020, including Faith Hospice of Oklahoma as well as Physicians Choice Hospice and Centennial Hospice in the same state. Those agencies will now be co-located with the new Traditions Home Care and Secure Home Care locations.
Hospice utilization in Oklahoma reached 50.4% among Medicare decedents in 2018, according to the National Hospice & Palliative Care Organization, compared to a national average that year of slightly more than 50%. Utah leads the nation in utilization at 60.5%.
In December, Traditions Health purchased Illinois-based Harbor Light Hospice. The company has also recently required Palladium Hospice, which operates in several Southeastern states. Embrace Hospice in Georgia and Hospice with Grace in Texas were also recent acquisitions for Traditions. Financial terms for each of these transactions were undisclosed.
Stoneridge Partners acted as the sell-side advisor to Traditions (OK) and Secure. Triavo Health acted as the sell-side advisor to Grace and Heritage.