LOUISVILLE, Ky., May 27 /PRNewswire-FirstCall/ -- Almost Family, Inc. (Nasdaq: AFAM) today announced an agreement to acquire the assets of the Medicare-certified home health agencies affiliated with Florida-based Central Florida Health Alliance (CHFA), a two-hospital health care system with home health branches in Leesburg and The Villages.
Company Comments on Combination
William Yarmuth, Chief Executive Officer of Almost Family, commented, 'We are thrilled to have the opportunity to work with CFHA in developing the full potential of home health care services in its market place. Working with them, we will build upon the existing foundation of high quality caregivers and the strong tradition of commitment to patients with our breadth of specialty programs and all the expertise we have accumulated throughout our over 100 locations and 30 plus years of Medicare home health operating experience. We are excited to bring Almost Family's special brand of Medicare-certified home health services to the CFHA service area.'
Lee S. Huntley, President and Chief Executive Officer of CFHA, commented on the combination: 'We are very pleased to have Almost Family assume the operation of our home health branches. We have a long history of close quality relationships between our hospitals and our home health branches and we expect those to continue unchanged. We are very excited about the enhancements to our home care program that can be made by bringing Almost Family's extensive Medicare expertise and resources to our patient population. We were very selective in choosing a nationally recognized home health provider with a long track record of high quality service to patients. In doing so we are ensuring that our patients and our home health employees will be in good hands.'
The acquired operations generated approximately $4.5 million in revenue in their last fiscal year. The transaction, which is expected to close in June, is not expected to have a material effect on the Company's 2009 results of operations. Terms of the transaction were not disclosed.
Central Florida Health Alliance is a not-for-profit healthcare system with a family of hospitals and post-acute services. Leesburg Regional Medical Center and The Villages Regional Hospital serve Lake, Sumter, and Marion counties in addition to the entire Central Florida region.
