ATLANTA, May 17 Gentiva Health Services, Inc. (Nasdaq: GTIV), a leading provider of home health and hospice services, announced today that it has completed its acquisition of the assets of United Home Care Group, a Medicare certified home health services business with six offices in the state of Louisiana. Terms of the transaction were not disclosed.
United Home Care Group, which operates under the names United Home Care Services and Care Partners, has been providing services in the state for approximately 20 years. In 2009 it had annual revenues of approximately $7.8 million. The acquisition adds 25 new parishes to Gentiva's current coverage area in Louisiana. Combined with the existing parishes previously covered, Gentiva can now provide home health services to approximately 85 percent of the state.
"The United Home Care Group acquisition significantly broadens our market position in Louisiana, a challenging market to enter," said Gentiva CEO and President Tony Strange. "We would like to extend a warm welcome to all United Home Care Services and Care Partners employees and we look forward to bringing our innovative specialty home health programs and other Gentiva services to patients in these markets."
The transaction is being funded from Gentiva's existing cash reserves. The acquisition is not expected to have a material impact on Gentiva's financial position or results of operations in 2010.
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is a leading provider of home health and hospice services, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; and other therapies and services. For more information, visit Gentiva's web site, http://www.gentiva.com, and its investor relations section at http://investors.gentiva.com. GTIV-G
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SOURCE Gentiva Health Services, Inc.