Dallas-based Three Oaks Hospice has reportedly begun seeking a buyer.

The private equity-backed hospice launched in 2019 with more than $21 million in investment dollars from Granite Growth Health Partners, Health Velocity Capital and Petra Capital Partners. Rumors of the potential sale were first reported by the website Ion Analytics, which indicated that Three Oaks generates between $12 million and $15 million EBITDA

“The company is working alongside investment bank Harris Williams, according to four of the sources,” Ion Analytics reported. “The process is in the later stages and is down to a few private equity buyers, three of the sources said.”

Three Oaks completed a number of its own acquisitions in its first two years of operations.

In 2019, the company completed three transactions in Dallas-Fort Worth and San Antonio for undisclosed sums. The three purchased organizations — Total Hospice & Palliative Care, ABS Palliative and Hospice Care and Fellowship Hospice — increased the Three Oak’s referral network to more than 200 sources. 

In 2020, Three Oaks Hospice purchased Hospice Partners of Kansas. The transaction marked the Texas-based company’s entry into the Kansas and Missouri markets. Three Oaks also in 2020 acquired Peace Hospice & Palliative Care in Naperville, Illinois, near Chicago. Financial terms for each of these transactions were undisclosed. 

The company currently operates 28 locations across its eight-state footprint, including Texas, Missouri, Kansas, Illinois, Michigan, Louisiana, South Carolina and Pennsylvania.

Three Oaks Hospice did not respond to Hospice News’ requests for comment.