Pennant Acquires South Texas Hospice Provider
Rhea-AI Summary
The Pennant Group (NASDAQ: PNTG) announced its acquisition of Nurses on Wheels, a South Texas hospice provider. This strategic move aims to expand Pennant's hospice operations in Corpus Christi and surrounding areas. CEO Brent Guerisoli highlighted the company's commitment to empowering local leaders and enhancing community-based services. President John Gochnour emphasized the deep connection Nurses on Wheels has with the local community and expressed excitement about partnering with skilled clinicians to deliver high-quality care. Guerisoli confirmed that Pennant is actively seeking further acquisitions in the home health, hospice, and senior living sectors across the U.S.
Positive
- Acquisition of Nurses on Wheels enhances Pennant's presence in South Texas.
- Pennant continues its strategy of expanding through acquisitions, showing growth potential.
- Strong local connections and skilled team of Nurses on Wheels expected to enhance service quality.
- CEO and President express strong optimism about the integration and future prospects.
Negative
- No specific financial details of the acquisition were disclosed.
- The success of the acquisition relies heavily on effective integration and local market conditions.
News Market Reaction
On the day this news was published, PNTG gained 2.72%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
EAGLE, Idaho, May 16, 2024 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, today announced that it has acquired Nurses on Wheels, Inc. (“Nurses on Wheels”), which provides hospice services in Corpus Christi, Texas and the surrounding communities.
“We are excited to expand the reach of our hospice operations in south Texas,” said Brent Guerisoli, Chief Executive Officer of Pennant. “Our strategy of empowering local leaders to meet the needs of local communities has resonated deeply across our platform and we look forward to bringing our innovative operating model and high-quality resources to enhance the services offered in south Texas.” Guerisoli added.
“Nurses on Wheels has a deep connection to Corpus Christ and the surrounding area, and we are honored to carry on this legacy of quality care.” said John Gochnour, President and Chief Operating Officer of Pennant. “We are thrilled to partner with this wonderful team of skilled clinicians and compassionate caregivers in delivering life-changing hospice services to residents of these communities,” added Mr. Gochnour.
Mr. Guerisoli reaffirmed that Pennant continues to pursue opportunities to acquire high quality home health, hospice and senior living businesses throughout the United States.
About Pennant:
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 113 home health and hospice agencies and 54 senior living communities located throughout Arizona, California, Colorado, Idaho, Iowa, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.
SOURCE: The Pennant Group, Inc.
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