The Arizona-based private equity firm Northrim Horizon L.P. has acquired Noble Hospice and Palliative Care for an undisclosed amount.

Northrim is in the process of building out its home-based care platform, with Phoenix-headquartered Noble becoming its first hospice acquisition. The transaction took place through Northrim’s portfolio company ITC, a home-based personal care and community services provider. The company expects more hospice deals on the horizon, according to Jack Lawson, Northrim operating partner and Noble’s new CEO.

The private equity firm takes a long-term view of its investments, which the organization tends to hold indefinitely.

“As long-term business builders, we try to view the world in decades as opposed to three-to-five years, which allows us the luxury to block-out short-term noise in markets,” Lawson told Hospice News in an email. “We believe hospice is an enduring segment within the broader home care industry and provides essential services to patients in a cost-effective and preferred setting. We are big believers that the best long-term care meets patients where they are.”

Seniors 65 and older represent 18.8% of Arizona’s overall population, according to the U.S. Census Bureau. The state ranks 12th nationally in terms of the highest proportion of seniors statewide, according to data from the Population Reference Bureau.

Noble’s hospice teams have cared for more than 1,500 patients, with a current average daily census of about 200, according to Lawson.

“Noble has a strong track-record of growth, an experienced clinical and operations team and an enduring, patient-focused model of care that makes for a fantastic entry-point in the industry,” Lawson said. “We believe Noble Hospice has a business model and standard of care that will stand the test of time.”