Queen City Hospice, a portfolio company of Stonehenge Partners, has Entered into a Definitive Agreement to be Acquired by Addus HomeCare (NASDAQ: ADUS)
November 13, 2020
Queen City Hospice, LLC and its affiliate Miracle City Hospice, LLC, a portfolio company of Stonehenge Partners, a leading provider of hospice care across Ohio, has agreed to be acquired by Addus HomeCare (NASDAQ: ADUS) for total cash consideration of $192.0 million, subject to certain adjustments. The transaction is expected to close in the fourth quarter of 2020, subject to certain customary closing conditions and regulatory approvals including expiration or termination of all applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.
Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Queen City Hospice, highlighting Cain Brothers’ deep expertise in the hospice and post-acute sectors. The transaction represents Cain Brothers’ seventh sell-side transaction in the hospice and home health space since the beginning of 2018.
Queen City Hospice provides hospice care across the state of Ohio. Founded in 2011 and based in Cincinnati, OH, the Company operates 3 locations with an average daily census of over 900 patients. Queen City Hospice maintains best in class patient quality scores, and has significant local market density as a provider of choice for health systems and referral sources throughout its footprint. The Company employs over 600 people and generates approximately $56.0 million in annual revenues.
Stonehenge Partners is a Columbus, Ohio based private equity fund focused on investing in middle market companies in the healthcare, business services, distribution and manufacturing sectors.
Frisco, TX-based Addus HomeCare (NASDAQ: ADUS) is a national leader in integrated healthcare services through its network of home health agencies, personal care agencies, and hospice agencies. Addus has a national footprint of 214 locations across 25 states providing home care services to approximately 44,000 consumers.
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