Select Rehabilitation Is Acquiring Kindred Healthcare’s RehabCare
Kindred exits an industry sector it helped commercialize
Select Rehabilitation, a leader in senior care and other specialized patient care services, is buying Kindred Healthcare’s RehabCare business unit. Headquartered in Glenview, Illinois, Select Rehabilitation was founded in 1997 and is a privately-held company.
The divestiture by Kindred Healthcare is part of a long term corporate strategy that it has been orchestrating over the last several years. For Select Rehabilitation, it escalates their growth trajectory and positions them in the upper ranks of contenders in the sector.
Mergers & acquisitions growing in frequency and scale in the LTC/SNF and assisted living healthcare sector
The Select Rehabilitation and Kindred Healthcare deal reflects the ongoing consolidation trend among assisted living facility and skilled nursing facility (SNF) or long term care (LTC) operators. These healthcare industry sectors are still highly fragmented but are quickly condensing through mergers and acquisitions in their category plus those that are operating in the hospital and health system sectors.
Assisted living and LTC / SNF providers have been under considerable pressure by the higher patient care risks presented by the COVID-19 pandemic and are being closely monitored by CMS. These circumstances will lead to further consolidation that will likely benefit any plans Select Rehabilitation has for future acquisitions.
Kindred is focusing on more advanced segments of patient care
Kindred is the largest specialty hospital company in the United States. Its operations include acute rehabilitation units, behavioral health, inpatient rehabilitation hospitals and long-term acute care hospitals (LTACH). Founded in 1985 and based in Louisville, Kentucky, Kindred Healthcare was acquired in 2017 by Humana (NYSE: HUM) and two private equity firms, TPG Capital and Welsh, Carson, Anderson & Stowe (WCAS) for over $4 billion.
Select Rehabilitation is a national leader in senior care, rehabilitation and other healthcare services
Following the acquisition, Select Rehabilitation will be one of the larger provider organizations in the sector with about 17,000 therapists staffing approximately 2,300 sites of care in 43 states. Their business model spans home health services, schools, senior living campuses and skilled nursing facilities. Some of their primary competitors are CORA, Covenant Care, Crozer-Keystone, HealthSouth Rehabilitation, LifeCare and Vibra.
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