Lincare has agreed to acquire home healthcare provider American HomePatient from Highland Capital Management LP. No financial terms were disclosed for the transaction that is expected to be completed in the first quarter of next year.
CLEARWATER, Fla. and BRENTWOOD, Tenn., Dec. 7, 2015 /PRNewswire/ — Lincare, the leading provider of respiratory therapy services in the U.S., and American HomePatient, Inc., today announced they have entered into a definitive agreement for Lincare to acquire American HomePatient from Highland Capital Management L.P.
The transaction, which is subject to customary approvals and regulatory review, is expected to close in the first quarter of 2016.
“The acquisition of American HomePatient will further our strategic growth as we strive to set the standard of excellence for respiratory care delivered in the home,” said Lincare Chief Executive Officer, Kristen Hoefer. “Our dedication to quality care, professionalism and responsiveness has helped us achieve consistent growth and success, and we look forward to this opportunity to work with the employees and customers of American HomePatient,” she added.
“This decision follows many months of strategic research, with the support of Highland Capital Management and our advisor Jefferies, LLC, and careful consideration to determine the best opportunity for our company,” said American HomePatient President and Chief Executive Officer Mark Lamp. “We are pleased to have found a partner in Lincare that placed a value on our growth, performance and experience. We look forward to working together to deliver on our shared commitment to outstanding customer service.”
Matt Jameson, Managing Director, co-head of Highland’s Private Equity Group, and Chairman of the Board at American HomePatient, said, “Under Highland’s ownership, American HomePatient benefited from our strategic and operational resources, which helped its management team achieve strong growth while providing high-quality care to patients nationwide.”
Lincare Holdings Inc.
Lincare Holdings Inc., headquartered in Clearwater, Florida, is one of the nation’s largest providers of oxygen and other respiratory therapy services to patients in the home. The Company provides services and equipment, operating from approximately 1,000 locations in 48 U.S. states and Canada, and employs approximately 11,000 people. For more information, see Lincare Holdings Inc. online at: www.lincare.com.
The Linde Group
In the 2014 financial year, The Linde Group generated revenue of EUR 17.047 bn, making it the largest gases and engineering company in the world with approximately 65,500 employees working in more than 100 countries worldwide. The strategy of The Linde Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment – in every one of its business areas, regions and locations across the globe. The company is committed to technologies and products that unite the goals of customer value and sustainable development. For more information, see
The Linde Group online at www.linde.com.
Founded in 1983, American HomePatient is one of the top five largest diversified home healthcare providers in the United States, with more than 220 locations and supplying home medical products and services. American HomePatient, which is ACHC-accredited, is staffed by healthcare professionals and clinicians who provide a comprehensive range of services and products to patients in areas including sleep apnea, respiratory care, and nebulizer treatment.
Highland Capital Management
Highland Capital Management, L.P. is an SEC-registered investment adviser which, together with its affiliates, has approximately $20 billion of assets under management. Founded in 1993 by James Dondero and Mark Okada, Highland is one of the largest and most experienced global alternatives, credit and equity managers and has been instrumental in providing alternative investment solutions for over 20 years. Highland invests across a variety of asset classes and structures within the alternative landscape including hedge funds, separate accounts, distressed and special situations private equity, collateralized loan obligations (CLOs), mutual funds and ETFs. Highland’s diversified client base includes wealth managers, public pension plans, foundations, endowments, corporations, financial institutions, fund of funds, governments, and high net-worth individuals. The firm is headquartered in Dallas, Texas, and maintains offices in New York, Sao Paulo, Singapore, and Seoul.