HealthSouth Corporation (NYSE: HLS), a leading provider of post-acute healthcare services, today announced its Encompass Home Health business unit has completed its previously announced acquisition of the home health and hospice agency operations of CareSouth Health System, Inc. for a cash purchase price of approximately $170 million. CareSouth operates a portfolio of 45 home health and hospice locations in seven states. HealthSouth funded the transaction with cash on hand and borrowings under its senior secured credit facility.
"The acquisition of CareSouth provides new locations in five certificate of need states and additional market share for Encompass in Florida and Virginia," said April Anthony, Chief Executive Officer of Encompass. "Of the 45 new home health locations provided by this acquisition, fourteen of these will overlap with existing HealthSouth inpatient rehabilitation hospitals. The addition of these locations will provide HealthSouth and Encompass with the capacity to better serve the post-acute needs of patients in those markets by offering a continuum of care that includes both facility-based and home-based post-acute services."
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