Riding on the tailwinds of the hospice sector, Old Greenwich-based Clearview Capital Fund III announced it has acquired certain assets of Saint Jude Healthcare LLC and its subsidiaries.
Saint Jude is headquartered in Iowa and provides hospice services from 12 locations in Wisconsin, Iowa, Kansas and Nebraska. This is the capital fund’s first acquisition under its portfolio company St. Croix Hospice LLC, an Oakdale, Minn.-based hospice provider.
Financial terms of the deal were not disclosed.
Calvin Neider, co-managing partner of Clearview Capital, said the industry benefits from an aging nationwide population and increased usage of hospice benefits.
“The sector is highly fragmented with only a handful of pure play hospice operators of scale, and St. Croix will look to continue to play a significant role in future consolidation,” Neider said.
Heath Bartness, CEO of St. Croix, said this deal is a step in the the company’s expansion in the Midwest.
“We are excited about the opportunity this acquisition presents to continue to offer the highest quality of care to our entire patient base throughout the greater Midwest region, and we will continue to aggressively seek out additional acquisitions within our footprint,” Bartness said.