CD&R-backed Gentiva buys ProMedica’s hospice and home care assets

• Based in Atlanta, Gentiva is a hospice company
• Deutsche Bank Securities Inc., UBS Investment Bank, BNP Paribas Securities Corp., Citizens Bank, N.A., Truist Securities and Wells Fargo are serving as financial advisors to Gentiva while Houlihan Lokey is serving as financial advisor to ProMedica
• Based in New York City, CD&R was founded in 1978

Gentiva, which is backed by Clayton, Dubilier & Rice, has agreed to acquire the hospice and home care assets of Toledo, Ohio-based healthcare organization ProMedica. No finacnial terms were disclosed.

Based in Atlanta, Gentiva is a hospice company.

“As part of the Gentiva family, the Heartland agencies will be well-positioned to continue providing compassionate care that prioritizes patient comfort, dignity, and well-being throughout the care continuum,” said Arturo Polizzi, president and chief executive officer of ProMedica. “For ProMedica, this transaction is an important step toward simplifying our organizational structure and ensuring our long-term financial strength. We are pleased to be able to transition these agencies to a trusted industry leader, enabling ProMedica to commit more time, energy, and resources to our core operations.”

The transaction is expected to close in the second quarter of 2023.

Goldman Sachs Bank USA is providing financing to Gentiva. Deutsche Bank Securities Inc., UBS Investment Bank, BNP Paribas Securities Corp., Citizens Bank, N.A., Truist Securities and Wells Fargo are serving as financial advisors to Gentiva while Debevoise & Plimpton LLP and Ropes & Gray LLP are serving as legal counsel. Houlihan Lokey is serving as financial advisor to ProMedica and BakerHostetler is serving as legal counsel.

Based in New York City, CD&R was founded in 1978. The private equity firm seeks to invest in the B2B, commercial services, B2C, consumer durables, non-durables, retail, healthcare, industrial, and technology sectors based in North America and Europe.