St. Croix Hospice Acquires Silverado Location in Illinois

St. Croix Hospice has made its second acquisition in Illinois, a location of Silverado Hospice. St. Croix, a portfolio company of the private equity firm H.I.G. Capital, first entered the Illinois market with the purchase of Hospice Care of America in April. Financial terms of the transaction were not disclosed.

California-headquartered Silverado Hospice is currently in transition. San Diego-based Mission Healthcare recently signed a definitive agreement to acquire the company’s hospice operations for a confidential sum. Mission is a portfolio company of Chicago-based private equity firm The Vistria Group. The location acquired by St. Croix is in Des Plaines, Ill., a Chicago suburb.

St. Croix, based in Minnesota, purchased the location as part of a larger push to build up its footprint across the Midwest.

“I am excited about the acquisition of our agency by St. Croix Hospice and welcome their growing presence in Illinois,” said David Lithgow, administrator of the St. Croix Hospice Des Plaines branch. “This partnership will continue our team’s expert hospice care and enhance hospice services throughout the greater Chicago area.”

St. Croix expanded into the state of Michigan earlier this month with the purchase of CNS Hospice for an undisclosed amount. That operation serves the greater Detroit area. In March 2020, St. Croix acquired Serenity Care Hospice in Missouri.

The company has also been aggressive on de novos. St. Croix opened seven new locations during 2020 and four so far in 2021. St. Croix’s approximately 900 employees care for more than 2,500 patients daily out of more than 40 locations in seven Midwestern states. The company expects further growth through 2021 through the addition of new locations as well as further acquisitions.

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.

Hospice utilization in the Illinois market reached 50.3% among Medicare decedents during 2018, which is in line with the national average, according to the National Hospice & Palliative Care Organization. Utah led the nation with 60.5%.

“We are pleased to expand our service in Illinois with this location in Des Plaines,” said Heath Bartness, CEO of St. Croix Hospice. “We are proud to partner with a company who shares our commitment to quality end-of-life care.”