SolAmor Hospice, a subsidiary of Sun Healthcare Group, Inc. (NASDAQ: SUNH), announced that it has completed the acquisition of Countryside Hospice Care, Inc.. Countryside is a privately-held, Medicare-certified hospice company headquartered in Anniston, Alabama, serving 200 hospice patients located in Alabama and Georgia. The transaction expands the company’s hospice services to 10 states serving over a 1,000 patients daily.
"We are very pleased to add Countryside to SolAmor’s growing hospice operations. This transaction is Sun’s first acquisition since our restructuring was completed in November 2010, and continues our strategy of expanding our hospice business into those areas where we operate skilled nursing centers. With seven existing locations and four additional branches scheduled to open, Countryside is expected to generate approximately $11 million of revenue and to be accretive to both EBITDAR and net income in 2011," said William A. Mathies, chairman and chief executive officer of Sun Healthcare Group, Inc. "With the addition of Countryside, we anticipate an annualized revenue run rate for SolAmor of more than $64 million in 2011," continued Mathies.