The Pennant Group, Inc. has recently announced its agreement to purchase the assets of Signature Healthcare at Home, a major provider of home health and hospice services in the Pacific Northwest. The combined purchase price for these assets is $80,000,000.
Signature Healthcare at Home currently employs over 650 dedicated home health and hospice staff, with an annual revenue of approximately $75 million. Over the trailing twelve months, they have recorded home health admissions of over 12,000 and an average daily hospice census of over 300.
The acquisition will add to Pennant’s existing strength in the region while building out its operational footprint. The purchase agreements are subject to customary closing conditions and regulatory approvals, with the acquisition of the Washington and Idaho assets anticipated to close on August 1, 2024, and the purchase of the Oregon assets anticipated to close on January 1, 2025.
Upon completion of the acquisition, Pennant will have a stronger presence in Washington, Oregon, and Idaho. In Washington, Signature’s locations in Bellingham, Burlington, Everett, and Federal Way will complement Pennant’s existing operations along the I-5 corridor. In Oregon, the purchase will add seven locations in key population centers across the state, and in Idaho, Signature’s operations in Nampa and Payette will reinforce Pennant’s leading position in Southwest Idaho.
This acquisition is seen as a significant move in Pennant’s history, with Brent Guerisoli, Pennant's Chief Executive Officer, expressing excitement about the investment and the quality of Signature’s people and operations. The company believes that the acquisition will provide opportunities for current and future operators within the Signature footprint to become C-level leaders in Pennant.
The President of Signature Healthcare at Home, Mary Kofstad, also expressed excitement about the acquisition, emphasizing the shared commitment to the mission of enhancing the lives of those they serve and the growth and development of their leadership and clinical teams.
Following these announcements, the company's shares moved 4.9%, and are now trading at a price of $25.78. For the full picture, make sure to review Pennant's 8-K report.
