Fort Worth, Texas-based Jet Health Inc., has purchased Hospice de la Luz in Albuquerque, N.M., marking the company’s third hospice acquisition. Financial terms were undisclosed.
Private equity firms SV Health Investors and Health Enterprise Partners, which partially own Jet Health, financed the deal. Stradling, Yocca, Carlson and Rauth acted as legal counsel to Jet Health on the transaction.
“We wanted to join forces with a home health provider to expand our services and have an opportunity to grow,” Hospice de la Luz majority owner Robert Metz said. “We chose to join Jet Health based on its excellent clinical care and service reputation under the Klarus brand as well as the people-centric culture.”
About 49.6% of Medicare decedents elected hospice in New Mexico during 2018, according to the National Hospice & Palliative Care Organization. The national average that year was slightly more than 50%. The state has the fourth largest senior population in the country, about 18% of its residents, according to the New Mexico Aging and Long Term Services Department. That number is expected to double by 2030.
The acquisition continues Jet Health’s strategy of co-locating new hospice operations with their home health services to create a larger continuum of home-based care. In addition to hospice and home health, the company provides skilled nursing care, physical, speech and occupational therapy, medical social services, and personal care services.
Jet Health’s footprint extends across Texas, New Mexico, Colorado and Idaho, with plans for continued expansion through acquisitions and de novos.
The company grew its footprint with the Sept. 2020 acquisition of Arlington, Texas-based Carrington Hospice Care, Inc. for an undisclosed amount. In 2019, Jet purchased Boise, Idaho-based First Choice Home Health and Hospice for an undisclosed amount, the company’s first hospice acquisition.
“The acquisition of Hospice de la Luz is yet another example of our ability to source and close deals with high-quality partners to fuel the growth of our business,” Stacie Bratcher, Jet Health’s CEO, said. “It is also demonstrative of our abilities to execute on our strategy of becoming a multiple service line provider of home-based care in the markets we serve.”