LHC Group, Inc. (NASDAQ: LHCG), one of the largest providers of home nursing services in the United States, announced today that it has entered into a definitive Stock Purchase Agreement to acquire 100% of the outstanding capital stock of HomeCall, Inc., located in the certificate of need (CON) state of Maryland. HomeCall is headquartered in Fredrick, Maryland, and has 12 locations throughout Maryland. This acquisition will expand LHC Group’s geographic footprint to 15 states. The service area of this acquisition spans 19 counties in Maryland and has an estimated total population of 5.4 million, with almost 12% over the age of 65. HomeCall had net revenue for the most recent 12 months of approximately $15.6 million. This acquisition, which is expected to close in the fourth quarter of 2008, is not anticipated to add materially to LHC Group’s earnings in 2008.
Keith G. Myers, Chief Executive Officer of LHC Group, said, “HomeCall is one of the most respected home nursing companies in Maryland. We look forward to adding HomeCall to the LHC Group family and believe this acquisition will serve as a catalyst in our efforts to expand our geographic footprint throughout the mid-Atlantic region. HomeCall has a strong leadership team and a dedicated group of loyal caregivers. We are committed to providing HomeCall with the resources necessary to implement their expansion plans while at the same time providing the highest quality patient care.” For more information on the acquisition, click here.