Livingstone’s Healthcare sector team has advised the shareholders of Infinity Homecare, a portfolio company of HealthEdge Investment Partners, on its sale to Amedisys, Inc. (NASDAQ: AMED). Under the terms of the agreement, Amedisys will acquire 100% of the equity of Infinity for $63 million. The transaction remains subject to customary closing conditions, including state regulatory approvals.
Founded in 2006 and headquartered in Sarasota, Florida, Infinity provides a comprehensive range of in-home skilled nursing and therapy services to more than 14,000 patients per annum. With over 600 professionals across 15 care centers in Florida, Infinity generates approximately $50 million in annual revenue and recorded adjusted EBITDA of $6.4 million over the past 12 months.
Amedisys is one of the nation’s leading home healthcare and hospice companies. Founded in 1982, Amedisys has more than 13,000 employees and 393 home health and hospice care centers in 34 states, including 13 care centers in Florida. Amedisys delivers healthcare and hospice services to more than 360,000 patients every year.
Florida is home to 3.9 million Medicare beneficiaries, accounting for 7.3% of the total Medicare population in the United States. In addition, the state is home to over 1.5 million Medicare Advantage enrollees, accounting for 9.5% of the total Medicare Advantage enrollees nationally. Florida also has 214 hospitals with over 64,800 beds.
“The Infinity management team, in partnership with operationally-focused HealthEdge, successfully expanded the company into one of the largest independent providers of skilled home health services in Florida,” said Jim Moskal, Partner at Livingstone Chicago. “The acquisition of Infinity meaningfully strengthens Amedisys’ operations within the attractive Florida market, positioning Amedisys to deliver high quality, outcome-driven care to more patients across the state.”
Infinity marks Livingstone’s second recent transaction for home-based healthcare providers, a core focus of the firm’s healthcare practice. In September, Livingstone announced the sale of Option 1, a Thompson Street portfolio company, to Webster Capital’s Epic Health Services.