Aveanna Healthcare Holdings Acquires Comfort Care

ATLANTA (December 14, 2021)—Aveanna Healthcare Holdings Inc., a diversified homecare platform focused on providing care to medically complex, high-cost patient populations, announced that it has successfully completed the acquisition of Comfort Care, a home health and hospice company with operations in Alabama and Tennessee, for $345 million, representing $290 million of value, net of the present value of approximately $55 million in estimated net tax benefits. Comfort Care is expected to be fully integrated into Aveanna during 2022, with most of the integration process occurring in the first 180 days.

Founded in 2000, Comfort Care provides both skilled home health and hospice services to the traditional Medicare patient population through a network of 31 locations, primarily throughout the state of Alabama, with a growing presence in Tennessee. Comfort Care generates approximately $100 million in annual revenue on a current run rate basis with approximately 47% of its revenues derived from home health and approximately 53% of its revenues derived from hospice services.

“The addition of Comfort Care advances Aveanna’s strategy of expanding our home health and hospice segment by adding density in demographically attractive markets for skilled adult care services”: Rod Windley, executive chairman of Aveanna, said. “Comfort Care has an established reputation in Alabama, a growing presence in Tennessee and a strong management team that will allow us to bring Aveanna’s high standards of care to even more patients and families. We’re excited to welcome Comfort Care’s talented professionals and exceptional capabilities to Aveanna, enhancing our ability to serve fast-growing, attractive markets.”

Alan G. Parker, CEO of Comfort Care, said, “At Comfort Care, we have always been dedicated to providing our patients the highest level of quality care with empathy and professionalism. We were attracted to Aveanna because they share these same fundamental values. We look forward to continuing to grow and serve as part of the Aveanna family.”

Aveanna funded the Comfort Care acquisition from a combination of sources, including: proceeds from a new $415 million term loan closed on Dec. 10, 2021; proceeds from a new $150 million securitization facility closed on Nov. 12, 2021; and cash from the balance sheet.

Edge Healthcare Partners served as Aveanna’s financial advisor, and Greenberg Traurig, LLP as its legal advisor. Edgemont Partners served as Comfort Care’s financial advisor and Butler Snow, LLP as its legal advisor.

Visit aveanna.com for more information.