ATLANTA, GEORGIA (AUGUST 17, 2010) – Edge Healthcare Partners, LLC is pleased to announce that Gentiva Health Services, Inc. (NASDAQ: GTIV) (“Gentiva”) has completed its acquisition of Odyssey HealthCare, Inc. (NASDAQ: ODSY) (“Odyssey”), a leading national provider of hospice care in the U.S., in an all cash transaction for a price of $27.00 per share and an aggregate purchase price of approximately $1.0 billion. The transaction closed on August 17, 2010. Edge Healthcare Partners served as the exclusive financial advisor to Gentiva Health Services and originated the transaction.
The combination of Gentiva and Odyssey creates the largest U.S. healthcare provider of home health and hospice services based on revenue. Annualized pro forma revenues for the twelve months ended July 4, 2010 exceeded $1.88 billion, of which approximately 59% related to home health services and approximately 41% related to hospice services. The combined hospice operations of Odyssey and Gentiva provide care to an average daily patient census of approximately 14,000 in 30 states.
Gentiva Health Services, Inc. (http://www.gentiva.com/; NASDAQ: GTIV) is a leading provider of home health and hospice 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 and other therapies and services.
Founded in 1996 and based in Dallas, Texas, Odyssey is one of the largest providers of hospice care in the country in terms of both average daily patient census and number of locations. Odyssey seeks to improve the quality of life of terminally ill patients and their families by providing care directed at managing pain and other discomforting symptoms and by addressing the psychosocial and spiritual needs of patients and their families.
About Edge Healthcare Partners
Edge Healthcare Partners is an independent Atlanta based investment banking firm focused on providing merger and acquisition services to leading private and public healthcare companies and private equity firms. Edge Healthcare Partners also assists companies with raising capital for growth, acquisitions, recapitalizations, going-private and management buy-out transactions The professionals of Edge Healthcare Partners have over 65 years of collective investment banking experience and have completed more than 100 transactions across the entire spectrum of healthcare including healthcare services, healthcare information technology, distribution and life sciences. Securities are offered through Edge Corporate Finance, Member FINRA and SIPC. For more information, visit https://www.edgehcp.com/.
