Curo Health Services, a portfolio company of Thomas H. Lee Partners, has acquired New Century Hospice. Financial terms weren’t announced. Scale Venture Partners and Petra Capital Partners are the sellers. Dallas-based New Century provides hospice care to 1,600 patients via the company’s network of 19 branches in six states (Colorado, Georgia, Louisiana, Oklahoma, Texas and Virginia). Cain Brothers advised New Century. Buyouts reported news of the deal on Jan. 11.
New Century Hospice (“the Company”), a premier regional hospice and portfolio company of Scale Venture Partners and Petra Capital Partners, has been acquired by Curo Health Services, a nationally recognized hospice provider and a portfolio company of Thomas H. Lee Partners. The acquisition of New Century Hospice marks Curo’s entry into two new states (Colorado and Oklahoma) and expands the Company’s patient base to ~8,800 patients across 20 states.
Cain Brothers served as New Century Hospice’s exclusive financial advisor in connection with the sale. Cain Brothers ran a highly competitive and targeted sale process to identify the optimal partner for New Century Hospice and negotiated the key terms of the transaction.
Founded in 2006, Dallas, TX-based New Century Hospice provides best-in-class hospice care to ~1,600 patients via a network of 19 branches in six states (Colorado, Georgia, Louisiana, Oklahoma, Texas and Virginia). The Company has established a deep presence in the Texas market, and has demonstrated successful geographic expansion through a combination of de novo growth and M&A having completed seven strategic tuck-in acquisitions since a majority investment by Scale Venture Partners and Petra Capital Partners in September 2010.
Founded in 2010, Mooresville, North Carolina-based Curo Health Services is one of the nation’s largest providers of hospice and palliative care services serving ~7,200 patients via 150+ locations spanning 18 states. Thomas H. Lee Partners, a Boston-based private equity firm, acquired Curo Health Services in February 2015.