HAVEN HOSPICE ACQUIRED BY BRIGHTSPRING HEALTH SERVICES

Rhea-AI Summary

Haven Hospice, a Florida-based comprehensive hospice care provider, has been acquired by BrightSpring Health Services (NASDAQ: BTSG), effective September 1, 2024. The acquisition includes select assets of North Central Florida Hospice, Inc. and Haven Medical Group, , serving 18 counties in north central Florida. BrightSpring also acquired the Attic Resale Stores in a separate but related transaction.

Haven Hospice, established in 1979, has been recognized for excellence and innovation in advanced illness care. The company's mission remains unchanged, focusing on providing comfort, care, and compassion to individuals and families. This strategic move comes in response to challenging reimbursement and regulatory oversight conditions in the healthcare sector.

BrightSpring Health Services, as a leading provider of home and community-based health services, is expected to leverage its extensive resources to enhance care outcomes and satisfaction levels in a competitive market. Meanwhile, Haven's Foundation will continue its philanthropic activities to serve local community needs.

Positive

• Acquisition by BrightSpring Health Services (NASDAQ: BTSG) may provide Haven Hospice with more resources and stability
• BrightSpring's expertise in home and community-based health services could enhance Haven Hospice's care delivery
• Haven Hospice's established presence in 18 Florida counties expands BrightSpring's market reach
• Acquisition includes Attic Resale Stores, potentially diversifying revenue streams

Negative

• Challenging reimbursement and regulatory oversight environment in the hospice care sector
• Potential integration challenges and costs associated with the acquisition
• Possible changes to Haven Hospice's operations and culture under new ownership

PITTSBURGH, Sept. 12, 2024 /PRNewswire/ -- North Central Florida Hospice, Inc. and Haven Medical Group, LLC (collectively "Haven Hospice"), a Florida-based company for comprehensive hospice care services in 18 counties in north central Florida completed its sale of select assets to BrightSpring Health Services (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, effective September 1, 2024. Haven Hospice's Mission remains unchanged: "Honoring life by providing comfort, care and compassion to individuals and families we serve." In a separate but related transaction, BrightSpring also acquired the Attic Resale Stores.

The Braff Group originated the transaction and served as the exclusive financial advisor to Haven Hospice.

Haven has been serving advanced illness needs in North Florida since 1979 and has been the recipient of the Circle of Life Award from the American Hospital Association for its excellence and innovation and has been recognized as a Florida Pacesetter for its leadership in promoting advance directives.

"For 45 years, Haven Hospice has been an award winning and a premier employer and provider of end-of-life care in north Florida. Facing a continued challenging reimbursement and regulatory oversight environment, Haven has strategically selected BrightSpring as the new caretaker of Haven's legacy going forward. As a leading and independent provider of home and community-based healthcare services, they have significantly more resources available to deliver improved outcomes with higher levels of satisfaction in a highly competitive provider marketplace. Haven's Foundation will continue to serve the needs of their local community through its philanthropic activities," commented Mark Kulik, The Braff Group Senior Managing Director who headed up the deal team.

About The Braff Group:

Founded in 1998, The Braff Group is the leading health care advisory firm specializing exclusively in behavioral health, home health, home care and hospice, health care staffing, home medical equipment and pharmacy services. The firm has completed over 375 transactions and has been repeatedly ranked among the top five health care mergers and acquisitions advisory firms. Visit www.thebraffgroup.com and follow The Braff Group on LinkedIn.

Contact: Karen Cullen, kcullen@thebraffgroup.com 

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SOURCE The Braff Group

FAQ

When did BrightSpring Health Services (BTSG) acquire Haven Hospice?

BrightSpring Health Services (NASDAQ: BTSG) acquired Haven Hospice effective September 1, 2024.

What assets were included in BrightSpring's acquisition of Haven Hospice?

BrightSpring acquired select assets of North Central Florida Hospice, Inc. and Haven Medical Group, In a separate but related transaction, they also acquired the Attic Resale Stores.

How many counties does Haven Hospice serve in Florida?

Haven Hospice provides comprehensive hospice care services in 18 counties in north central Florida.

What challenges led to Haven Hospice's decision to sell to BrightSpring (BTSG)?

Haven Hospice faced a challenging reimbursement and regulatory oversight environment, which led to the strategic decision to sell to BrightSpring Health Services.

Will Haven Hospice's mission change after the acquisition by BrightSpring (BTSG)?

No, Haven Hospice's mission remains unchanged: "Honoring life by providing comfort, care and compassion to individuals and families we serve."