Traditions Health has been acquired by four hospice providers, each dividing the company’s assets across their geographic footprints.

The Care Team, VitalCaring, LifeCare Home Health Family and Mission Healthcare have each purchased a portion of Traditions Health’s locations. Financial terms of these transactions are undisclosed. Traditions was formerly a portfolio company of the private equity firm Dorilton Capital Partners.

“Our patients, communities and teams will benefit as we combine our proven track record of quality hospice care delivery with Traditions Health’s strengths,” Dan Shoemaker, CEO of The Care Team, said in a statement. “As our patient population expands, and as awareness and utilization of our services continue to rise, the ability for hospice providers to make a meaningful difference in people’s lives has never been greater. This purposeful partnership represents an opportunity to quickly – and carefully – expand our mission, reach and team so that we can serve more people alongside more caring professionals.”

Franklin, Tennessee-headquartered Traditions provides hospice, home health and palliative care as well as consulting services across 18 states.

The transaction is unusual due to the involvement of multiple buyers. Large platform transactions like the Traditions deals have become a rarity during the past few years, as the hospice M&A market slumped. However, a number of assets that were acquired by private equity in the record-breaking years in 2020 and 2021 are now reaching maturity and will likely come up for sale. Each of the four buyers is also backed by various private equity firms.

Favorable demographics are among the main drivers of private equity interest in the space.

“As the country’s population ages, demand for high quality hospice and palliative care continues to increase, and we are thrilled to support The Care Team’s efforts to grow thoughtfully through this strategic acquisition,” said Anthony Hayes, partner at Revelstoke Capital Partners, which owns The Care Team. “We welcome Traditions Health’s team members and will actively support the Company’s ongoing efforts to ensure increased access to these vital services for patients, their families and communities.”

The four buyers have split Traditions’ assets geographically. The Care Team now owns the company’s hospice and palliative care locations in Illinois, Indiana, Ohio and Virginia.

VitalCaring Group has acquired home health, hospice and palliative operations in Alabama, Arizona, Kansas, Louisiana, Missouri, Mississippi, Nebraska, Nevada, Oklahoma and Texas. Meanwhile, LifeCare Home Health Family has acquired hospice and palliative operations in Georgia.

“Traditions has a strong reputation for clinical excellence and high levels of patient satisfaction, which provides a wonderful foundation for a bright future together,” Luke James, president of VitalCaring, told Hospice News. “In addition, the geographic overlap is very compelling, expanding our regional strength throughout the South.  Finally, the opportunity to add so many quality hospice locations in our overlapping home health markets will expand the scope of impact we will have with our patients and the communities we serve.  Suffice it to say, we are thrilled about the opportunity to fulfill our mission of transforming lives and fostering hope through genuine caring to an even larger population.” 

Finally, Mission Healthcare has acquired hospice and palliative operations in California and Oregon.

“This acquisition marks an important step in our mission to deliver a seamless continuum of care for patients and families across the West Coast,” Mark Kimsey, CEO of Mission Healthcare, said in a statement. “Our commitment remains focused on improving outcomes, supporting families, and honoring the dignity of every patient throughout their health care journey.”