New Capital Partners has sold Hospice Partners of America to Addus HomeCare Inc for $130 million. TripleTree LLC served as financial adviser to HPA on the transaction. Based in Birmingham, Alabama, HPA is a provider of hospice services.
BIRMINGHAM, Ala., October 1, 2019 – New Capital Partners (NCP), a private equity firm in Birmingham, Ala., today announces that it has sold Birmingham-based Hospice Partners of America (HPA) to Addus HomeCare, Inc. for $130 million.
Hospice Partners of America is a multi-state provider of hospice services, leveraging best-in-class clinical practices to provide holistic end-of-life care. HPA serves an average of 1,000 patients per day in 21 states.
NCP Managing Partner Jim Little, who served as an active HPA board member during the partnership, said, “We are grateful to have worked with the outstanding management team at HPA to serve patients in a time of critical need. Achieving this outcome is a testament to our joint commitment to building a best-in-class clinical program to care for patients and their families. We are thrilled for HPA to have a great new partner in Addus HomeCare. Addus also values clinical quality, and they are an ideal partner for HPA’s next phase of growth.”
Norma English, CEO of HPA, said, “We have enjoyed a strong partnership with New Capital Partners over the past nine years, achieving an average daily census of 1,000. Throughout the sales process, we received affirmation that we have built a great company that provides quality end-of life-care. We are looking forward to working with the team at Addus HomeCare to continue our mission and expand our footprint to serve even more patients.”
TripleTree, LLC acted as the exclusive financial advisor to Hospice Partners of America for this transaction.
About New Capital Partners
New Capital Partners (NCP) is a private equity firm comprised of former operators headquartered in Birmingham, Ala. NCP makes investments in niche technology and services companies in the healthcare, financial and business services industries. Leveraging its extensive operational experience, the NCP team helps create significant value in portfolio companies by cultivating true partnerships with management teams and focusing on one core goal: Building Great Companies. For more information, please visit www.newcapitalpartners.com.
About Hospice Partners of America
Hospice Partners of America (HPA) is a multi-state, leading provider of hospice services, leveraging best-in-class clinical practices and operational protocols to provide high-quality care and patient satisfaction. Since its formation in 2010, HPA has demonstrated consistent organic growth coupled with strategic acquisitions and de novo start-ups. For more information, please visit https://hospicepartners.com.