San Diego-based Mission Healthcare has signed a definitive agreement to acquire Silverado Hospice locations in Ventura and San Mateo, Calif., and Salt Lake City. Mission’s footprint historically has been concentrated in southern California, but this year the home health and hospice provider is starting to push north. Financial terms of the transaction were undisclosed.
Silverado is Mission’s third acquisition this year, and it marks the company’s entry into Utah. This is the company’s first operation outside of California. Utah has the highest hospice utilization in the nation, reaching 60.4% among Medicare decedents in 2018, the National Hospice & Palliative Care Organization (NHPCO) reported. The number of seniors in the state, which represented 9.5% of the population in 2017 according to the U.S. Census Bureau, will likely double by 2060.
“At Mission Healthcare, our focus remains on maintaining the highest clinical standards to better serve new and existing communities,” said Mission Healthcare CEO Paul VerHoeve. “Silverado is an exciting addition to Mission as we continue to expand our Northern California footprint as well as our expansion outside of California.”
Mission is a portfolio company of Chicago-based private equity firm The Vistria Group. The home health and hospice provider is currently making a big push into palliative care and will be bringing those services to each of its markets throughout 2021.
Vistria Group has a track record on hospice growth. In one of the larger hospice deals of 2020, the PE firm sold St. Croix Hospice to H.I.G. Capital for an undisclosed amount. Vistria also owns Agape Care in South Carolina.
Mission began to move into northern California in March with the purchase of Alliance Home Health & Hospice in Pleasanton. Also that month, Mission opened a de novo location in Orange County, Calif., the company’s 14th location.
Hospice utilization in California reached 46.1% in 2018, compared to a national average of slightly more than 50%, according to NHPCO.
“Silverado Hospice delivers exceptional patient care and I’m delighted to officially welcome them to the Mission family,” VerHoeve said.
Companies featured in this article:
Agape Care, Alliance Home Health & Hospice, H.IG. Capital, Mission Healthcare, St. Croix Hospice, The Vistria Group
