BrightSpring Health Services (NASDAQ: BTSG) has completed its acquisition of the Florida-based nonprofit Haven Hospice for $60 million.

The transaction includes the purchase of two brands, North Central Florida Hospice Inc. and Haven Medical Group LLC. BrightSpring anticipates that Haven will grow into a $15 million EBITDA business, CEO Jon Rousseau indicated in a second quarter earnings call. Integration may take some time due to the need to convert Haven from nonprofit status to for-profit, Rousseau said.

Haven holds hospice certificates of need (CON) for hospice care in 18 Florida counties.

“We are excited to welcome Haven Hospice into BrightSpring, expanding our existing hospice services into the CON state of Florida,” said Rousseau in a statement. “The delivery of compassionate hospice care is critical for patients and their families, and we’re committed to delivering that to high-need Floridians.”

The $60 million transaction includes $15 million in cash at close, $30 million in company equity at close and an additional $15 million in a seller note payable four years after closing.

BrightSpring went public in January with a successful initial public offering (IPO). BrightSpring is a home- and community-based health care services platform that serves more than 400,000 patients daily. The company indicated its intent to go public in a Jan. 3 filing with the U.S. Securities and Exchange Commission, with a $1 billion IPO.

The company’s net revenue reached $2.7 billion in the second quarter of the year, up 26% from nearly $2.2 billion in the same period in 2023. Its provider services segment, which includes its hospice program, earned $616 million in Q2, a year-over-year increase from $570 million.

However, other stakeholders in the hospice community expressed dismay over the publicly traded company’s takeover of a nonprofit, including the National Partnership for Healthcare and Hospice Innovation (NPHI).

“NPHI firmly believes that not-for-profit, community-based end-of-life care providers deliver the highest-quality care in the nation. These organizations put people over profits by providing the full complement of care for those in declining health,” NPHI CEO Tom Koutsoumpas said in a statement emailed to Hospice News. “It is therefore a troubling trend to observe not-for-profit hospices being acquired by for-profit entities, as ample data shows this often leads to lower patient satisfaction and a shift in focus from patient care to profits.”

BrightSpring remains on the hunt for strategic acquisitions. Going forward, the home health and hospice provider has an “overflowing” pipeline of transaction opportunities, Rousseau said in an earnings call.

“Our hospice services have been rated in the top five percent for quality in the industry, and with this expansion of services to Florida, we can provide high-quality care to more patients and their families during the most difficult time in their lives,” Rousseau said.