The Ensign Group, Inc. (NASDAQ: ENSG) announced that one of its subsidiaries has acquired Homecare Solutions, a small home health agency based in Denver, Colorado.
“We are pleased with the growth and development of our home health businesses thus far, and this lateral diversification broadens Ensign’s reach into that business,” said Christopher Christensen, Ensign’s President and Chief Executive Officer. “More importantly,” he added, “the Homecare Solutions acquisition reflects the increasing depth of our long-term commitment to the vibrant Colorado healthcare community and our existing operations there.”
The acquisition will be operated by a subsidiary of Cornerstone Healthcare, which operates the company’s home health and hospice division.
It joins Horizon Home Health and Hospice, Ensign’s existing home health and hospice operation in Idaho, Custom Care Hospice, Ensign’s hospice operation in the Dallas, Texas market and Symbii Home Health and Hospice, Ensign’s home health and hospice operation in the Salt Lake City, Utah market.
Ensign purchased the agency with cash, and expects the transaction to be mildly accretive to earnings in 2012.
Mr. Christensen reaffirmed that Ensign is actively seeking additional opportunities to acquire both well-performing and struggling long-term and short-term care operations across the United States.
Written by John Yedinak