St. Croix Hospice, a portfolio company of the private equity firm H.I.G. Capital in Missouri, has expanded with a de novo in the city of Independence, further building its footprint in the western portion of that state.
H.I.G. Capital acquired St. Croix from PE firm the Vistria Group last year for an undisclosed amount in one of 2020’s most significant hospice deals. Minnesota-headquartered St. Croix has a substantial Midwestern footprint that extends across six states.
“The St. Croix Hospice Independence office is a natural extension of our Harrisonville [Mo.] team, and allows us to expand our services to more communities in the area” says Kyle Valois, St. Croix Hospice regional director of clinical operations. “Our expert clinical teams live in the communities they serve, which means they’re readily available to provide consultations, admissions and care to local patients and families.”
Hospice utilization in Missouri reached 50.2% among Medicare decedents in 2018, which is in line with that year’s national average, according to the National Hospice & Palliative Care Organization. Utah leads the nation in utilization at 60.4%.
The proportion of seniors older than 65 in Missouri’s population is expected to reach 19.1% by 2025, up from 13.5% in 2000 and 13.6% in 2008, according to the U.S. Census Bureau.
St. Croix has been on a solid growth trajectory during 2020 and into this year. The hospice ringed in 2021 with the establishment of a de novo in Nebraska. The company expanded with seven new locations last year, including two de novos in Iowa and one in Wisconsin.
In March 2020, St. Croix acquired Serenity Care Hospice in Missouri for an undisclosed amount. The company expects further growth through 2021 through the addition of new locations as well as acquisitions.
“We intend to not only continue that, but accelerate it. So we are working with the team to make sure that we continue our growth, but also making sure that the quality of care that we deliver is not compromised,” Stephen Phenneger, president and CFO of St. Croix Hospice, told Hospice News in January. “We will continue to expand in de novo markets, continuing our outreach and expanding our existing footprint.”