Move Increases Company's Focus on Skilled Geriatric Home Health Care
MELVILLE, N.Y., Feb. 17 /PRNewswire-FirstCall/ -- Gentiva Health Services, Inc. (Nasdaq: GTIV), a leading provider of comprehensive home health services, announced today that it has entered into an Asset Purchase Agreement with Andventure Inc., doing business as Loving Care Agency and Links2Care, for the sale of six Gentiva branch offices in four cities that specialize in pediatric home health care and also provide adult home health aide services. These offices comprise more than 80% of Gentiva's current pediatric care operations. Terms were not disclosed. The transaction fits strategically with Gentiva's stated objective of sharpening its focus on skilled home health services for geriatric patients.
Gentiva emphasized that, although it has determined that pediatric services will not be a core focus of the Company's offerings, the Company is committed to ensuring that ongoing pediatric patients and their families continue to receive the highest levels of care, consistent with Gentiva's reputation for quality service and clinical excellence.
"This agreement with Loving Care, a leader in pediatric homecare services, will build on the high quality of care that these branches have provided," said Tony Strange, CEO of Gentiva. "Our decision to migrate away from pediatric home health care is in keeping with the Company's strategy of focusing on geriatric specialties. We believe our emphasis on providing value-added services to this population will translate into higher margins and returns that we can leverage to continue to grow of our core home health business."
Under the terms of the transaction that Gentiva has announced, Loving Care Agency will acquire existing Gentiva branches in Phoenix, Arizona; Springfield, Massachusetts; Pittsburgh and State College, Pennsylvania. Loving Care is a leading provider of pediatric home care services with over 25 offices located in five states. The transaction is expected to close in the first quarter, subject to all customary approvals.
About Loving Care Agency
Loving Care Agency is a leading provider of home care services that enables children and adults to be cared for in their home environment that is warm, familiar, and nurturing. Loving Care Agency's highly qualified team clinicians (including nurses and home health aides) provide the highest quality care with compassion, commitment, and integrity. With over 25 offices located in five states, Loving Care Agency works with most major insurance plans, managed care organizations and state agencies. For more information about Loving Care Agency, please visit http://www.lovingcareagency.com.
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is a leading provider of comprehensive home health services, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; respiratory therapy and home medical equipment; infusion therapy services; and other therapies and services. For more information, visit Gentiva's web site, http://www.gentiva.com, and its investor relations section at http://investors.gentiva.com. GTIV-G
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|SOURCE Gentiva Health Services|
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