M&A Deal Summary

LifePoint Health Acquires Kindred Healthcare

On June 21, 2021, LifePoint Health, Inc. acquired healthcare services company Kindred Healthcare LLC from TPG Global, Welsh, Carson, Anderson & Stowe and Humana, Inc.

Acquisition Highlights
  • This is LifePoint Health’s 19th transaction in the Healthcare Services sector.
  • This is LifePoint Health’s 19th transaction in the United States.
  • This is LifePoint Health’s 3rd transaction in Kentucky.

M&A Deal Summary

Date 2021-06-21
Target Kindred Healthcare LLC
Sector Healthcare Services
Buyer(s) LifePoint Health, Inc.
Sellers(s) TPG Global
Welsh, Carson, Anderson & Stowe
Humana, Inc.
Deal Type Add-on Acquisition
Advisor(s) Barclays Investment Bank
Guggenheim Securities (Financial)
Debevoise & Plimpton LLP
Mintz Levin Cohn Ferris Glovsky and Popeo PC (Legal)

Target

Kindred Healthcare LLC

Louisville, Kentucky, United States
website
Kindred is a healthcare services company based in Louisville, Kentucky. Kindred provides healthcare services in 2,353 locations, including 97 transitional care hospitals, five inpatient rehabilitation hospitals, 98 nursing centers, 21 sub-acute units, 153 Kindred at Home hospice, home health and non-medical home care locations, 104 inpatient rehabilitation units (hospital-based), and a contract rehabilitation services business, RehabCare, which serves 1,875 non-affiliated facilities. Kindred was founded in 1985 and is based in Louisville, Kentucky.

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Buyer(S) 1

Buyer

LifePoint Health, Inc.

Brentwood, Tennessee, United States

website


Category Company
Founded 1997
SectorHealthcare Services
Employees53,200
Revenue 5.2B USD (2015)
DESCRIPTION
Entrance to LifePoint's headquarters in Brentwood, Tennessee.
Entrance to LifePoint's headquarters in Brentwood, Tennessee.

LifePoint Health includes a footprint of regional health systems, physician practices, outpatient centers, and post-acute facilities in more than 85 non-urban communities that span coast to coast. LifePoint was established in 1997 and is based in Brentwood, Tennessee.


DEAL STATS #
Overall 19 of 20
Sector (Healthcare Services) 19 of 19
Type (Add-on Acquisition) 13 of 14
State (Kentucky) 3 of 3
Country (United States) 19 of 20
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-23 RCCH HealthCare Partners

Brentwood, Tennessee, United States

RCCH HealthCare Partners works with communities to provide high-quality, compassionate hospital and healthcare services to non-urban communities all across the country. By developing regionally focused healthcare delivery systems, RCCH HealthCare Partners is able to ensure that access to care is available to our patients, and their families, close to home. RCCH HealthCare Partners was founded in 2010 and is based in Brentwood, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-21 Specialist TeleMed LLC

Denver, Colorado, United States

Specialist TeleMed is a telemedicine provider for hospitals, clinics and remote locations worldwide. Specialist TeleMed is based in Denver, Colorado.

Buy -

Seller(S) 3

SELLER

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Asset Manager
Founded 1992
PE ASSETS 96.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 226 of 236
Sector (Healthcare Services) 10 of 10
Type (Add-on Acquisition) 81 of 85
State (Kentucky) 1 of 1
Country (United States) 165 of 174
Year (2021) 6 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-14 Ellucian Co. L.P.

Reston, Virginia, United States

Ellucian is a higher education technology solutions provider. Ellucian’s products help colleges and universities manage their core administrative functions including enrollment, budget and financial planning, student information, human resources, strategic planning, and fundraising. Ellucian was founded in 1968 and is based in Reston, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 Dodla Dairy Ltd.

Hyderabad, India

Dodla Dairy is a fresh dairy product company offering a wide range of milk products throughout South India. The company procures, processes, and sells dairy products, including fresh milk, butter, ghee, paneer, curd, flavored milk, doodh peda, ice cream, and skimmed milk powder across 66 regions in South India. Dodla Dairy was founded in 1995 and is based in Hyderabad, India.

Sell -
SELLER

Welsh, Carson, Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1979
PE ASSETS 27.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


DEAL STATS #
Overall 67 of 68
Sector (Healthcare Services) 23 of 23
Type (Add-on Acquisition) 41 of 42
State (Kentucky) 2 of 2
Country (United States) 64 of 65
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-20 Absorb Software, Inc.

Calgary, Alberta, Canada

Absorb is a learning technology company. Absorb’s learning management system (LMS) centers around an intuitive user experience and a highly configurable, brand-specific interface, offering administrative, course builder, and reporting tools to its stakeholders. Absorb was established in 2003 and is based in Calgary, Alberta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-23 Argos Health, Inc.

Dallas, Texas, United States

Argos Health is a revenue cycle partner specializing in the management and resolution of complex claims. The company works with hospitals, health systems, and physician groups to drive reimbursement and increase claims recovery through their core services of workers' compensation, motor vehicle accident, out-of-state Medicaid, ERISA, US Department of Veterans Affairs, and other military claims, and additional complex cases. Argos Health was formed in 2009 and is based in Dallas, Texas.

Buy -
SELLER

Humana, Inc.

Louisville, Kentucky, United States

website


Category Company
Founded 1961
SectorHealthcare Services
Employees95,500
Revenue 83.1B USD (2021)
DESCRIPTION

Humana Inc. is a managed health care company that markets and administers health insurance. Humana operates through three segments. These include Retail, Employer Group, and Healthcare Services. The Retail segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products, marketed directly to individuals. The Employer Group segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and voluntary benefit products. The Healthcare Services segment includes services offered to health plan members as well as to third parties, including pharmacy, provider services, home based services, integrated behavioral health services, and predictive modeling and informatics services. Humana was formed in 1961 and is based in Louisville, Kentucky.


DEAL STATS #
Overall 5 of 6
Sector (Healthcare Services) 3 of 4
Type (Add-on Acquisition) 1 of 1
State (Kentucky) 3 of 4
Country (United States) 5 of 6
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-14 One Homecare Solutions

Miramar, Florida, United States

onehome provides meeting the needs of health plans by serving its members through a single-source solution. It manages patients’ complex and chronic needs from infusion care to nursing and durable medical equipment services at the home, promoting quality of life, improving health for patients, and reducing costs for the health plans. onehome was founded in 1998 and is based in Miramar, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-21 Humana, Inc. - Home Hospice and Personal Care Divisions

Louisville, Kentucky, United States

Humana, Inc. - Home Hospice and Personal Care Divisions include patient-centered services for Hospice, Palliative, Community and Personal Care.

Sell -