Texas-based Jet Health, Inc., has acquired Trio Home Health Care and Hospice, growing its reach in the Lone Star State, which is a key focus area for the company.
With the Trio purchase, Jet Health will now operate 10 locations in Texas and employ a staff of 500 full-time professionals across the state. Financial terms of the transaction were undisclosed.
“This latest acquisition fills our quest to expand our geographic footprint within our primary service areas,” said Jet Health CEO Stace Bratcher in a statement shared with Hospice News. “Texas marks the state with the most Jet Health-branded enterprises and is also home to our corporate headquarters. Now, with our 10 locations statewide, coupled with a strong, solid network of caregiving professionals throughout all our service areas, we are well-positioned to meet the home health care and hospice needs of Texans.”
Jet Health provides home health and hospice, along with skilled nursing, physical, speech and occupational therapy, medical social services and personal care, with locations in Colorado, Idaho, and New Mexico, as well as Texas.
Jet Health’s Texas footprint is concentrated around the central region of the state. The Trio deal extends the company’s service area to north Texas, including the Dallas/Fort Worth metropolitan area, according to Bratcher.
Trio is based in the town of Denton.
Similar to national trends, demand for hospice is anticipated to climb in Texas. Seniors are expected to make up more than 20% of the state’s population by 2030, up from 12.9% currently, according to the U.S. Administration for Community Living.
Hospice utilization among Medicare decedents in the state runs high and reached 52.1% in 2018, which tipped above the national average of 50.3% that year, the National Hospice and Palliative Care Organization reported.
Trio Home Health and Hospice will not rebrand, and CEO Drew Mize will continue to lead the company post-transaction following the transaction’s close. Jet Health also operates hospice, home health, personal care, and private nursing care services under the Klarus brand.
“Trio Home Health and Hospice and Jet Health share similar missions, values, patient care approaches and corporate cultures,” Mize said. “By combining our organizations, the company will significantly bolster its growth trajectory as we can now care for more patients in need of the quality services we provide.”
Silicon Valley Bank financed the transaction. Stradling, Yocca, Carlson & Rauth acted as legal counsel to Jet Health, while Rivas Goldstein, LLP of Austin served as advisor for Trio Home Health and Hospice.
The Trio deal marks Jet Health’s ninth acquisition since its establishment in 2016.
Jet Health earlier this year acquired Blessings Hospice and last year purchased Signal Home Health & Hospice, both based in Texas. Last year the company also grew its footprint in New Mexico when it scooped up Hospice de la Luz.
“With each of the acquisitions Jet Health has completed of late, we have always remained focused on broadening both our offerings while extending our reach,” Bratcher said.