ATLANTA, April 3, 2025 (Globe Newswire) – Aveanna Healthcare Holdings Inc. (NASDAQ: AVAH) is a leading and diverse home care platform focused on providing care to medically complex and expensive patient populations, today announced that it has concluded an agreement to acquire skilled pediatric care (“Spc”). The transaction is expected to close in the second fiscal quarter of 2025, subject to customary regulatory approval.
Thrive SPC is one of the largest independent providers of pediatric home care, with 23 locations in seven states, including Arizona, Georgia, Kansas, New Mexico, North Carolina, Virginia and Texas. Thrive SPC mainly provides skilled, private, mandatory nursing services, but also offers pediatric therapy, licensed health aides and certified nurse assistant services. In combination with the Thrive SPC, it creates an enhanced footprint in its existing state, introducing Aveanna's specialized care model into two new states.
“We're looking forward to seeing you in the process of exploring the world,” said Jeff Shanner, Abeana CEO. “Like Aveanna, Thrive SPC is committed to providing high quality, patient-centric clinical care that leads to exceptional outcomes for patients and families. SPCThrive is a special cultural and geographical fit that is suitable for us, strengthening our strategic mission of maintaining leaders in providing high quality care, welcoming our school attendees and clinical innovations, and welcome our Abeanna family.”
Thrive SPC was founded with the support of Summit Partners, a leading growth investment company. “Today's announcement is an important milestone in the thriving SPC journey that builds one of the leading providers of skilled home care for medically vulnerable children. The combination with Aveanna represents the prosperity of SPC and the exciting opportunity for all the people the company offers every day. “AveAnna considers it an ideal partner for Thrive SPC given the company's shared vision of providing the highest quality care to patients and the sharing of innovative and cost-effective solutions to payers. This transaction is looking to place a combined company to provide attractive benefits to patients and families in the future.”
Aveanna will fund the acquisition of Thrive SPC from a combination of sources, including common stock and cash stocks from its balance sheet.
Edge Healthcare Partners served as financial advisors for Aveanna, while Bass, Berry & Sims provided lawyers. Cantor Fitzgerald & Co. served as financial advisor to make SPC flourish, while Ropes & Gray LLP served as legal advisor to Strive SPC.
About Aveanna Healthcare
Headquartered in Atlanta, Georgia, Aveanna Healthcare is based in 34 states that provide a wide range of pediatric and adult healthcare services, including nursing, rehabilitation services, school labor nursing, vocational nursing, health services, daytime treatment centers for medically fragile, chronically ill children and adults, home health services, and hospice services. The company also provides case management services to assist families and patients by coordinating the provision of services between insurance companies or other payers, doctors, hospitals and other healthcare providers. Additionally, the company offers Respite Health Care Services, a temporary care provider service offered to save the patient's regular caregivers. The company's services are designed to provide a high quality, low-cost alternative to long-term hospitalizations. For more information, please visit www.aveanna.com.
Forward-looking statements
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