Amedisys, Inc., one of the leading home health and hospice companies in the country, has signed a definitive agreement to acquire Professional Professional Profiles Inc., a Danvers, Massachusetts-based personal care company for $4.4 million.
Under the terms of the agreement, Amedisys will basically acquire all of the assets of Professional Profiles, Inc. The transaction is expected to close on September 1, 2016.
In a news release Amedisys President and Chief Executive Officer Paul Kusserow said:
"This transaction solidifies our footprint in Massachusetts, building on our March acquisition of Associated Home Care, the leading personal care company in Greater Boston.” He added, "It also takes us yet another key step closer to achieving our long-term strategy in adding personal care to complement our home health and hospice businesses in Massachusetts."
Professional Profiles Inc. provides non-medical services that range from help bathing and shopping to more physically demanding jobs, such as carpet cleaning and helping hoarders clean and sort their possessions. The company hires 384 employees and serves approximately 1,000 customers each year, with annual revenue of $9.7 million.
Amedisys is set to greatly benefit from this acquisition, which will help it expand its national health care and hospice business. The company is set to generate $1.3 billion in revenue from its national health care and hospice business this year.
Amedisys is a “health care at home” company, which offers care to more than 360,000 patients each year. The company’s 13,000 employees deliver care such as, home-based recovery and rehabilitation after an injury or surgery, care for patients help manage a chronic disease, palliative care for patients with a terminal illness, or hospice care at the end of life. Amedisys is reimbursed largely by Medicare.
This acquisition continues Amedisys’ expansion of its elder care services in Massachusetts, where the company acquired Associated Home Care for $28 million in February. This was the first of its first private-duty home health acquisitions.
According to Kusserow, Amedisys is expected to grow its elder care services line into other states alongside expanding presence in Massachusetts. The company has hired Mike Trigillo, an executive of Associated Home Care, as the president of the newly created Personal Care Division to expand on the work.
“Being able to care for a wider spectrum of clinical needs will bring extra value to our clients, their families and payers alike, as well as expanding the scope of our collective businesses,” Trigilio said.