BUYER POOL ANALYSIS
Selling a Hospice to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 13.5x across 8 disclosed deals (P25: 11.72x, P75: 17.38x). Median EV/Revenue 1.61x across 4 deals. Median deal value: $1050M.
- How many disclosed transactions?
- 8 deals total (8 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of hospice businesses.
- Most active buyers
- Linden Capital Partners / CDPQ (1) · Gentiva (CD&R) (1) · Clayton, Dubilier & Rice (1) · Clayton Dubilier & Rice (CD&R) (1) · Thomas H. Lee Partners (1) · H.I.G. Capital (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of hospice businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Agape Care Group | Linden Capital Partners / CDPQ | $1350.0M | 18.0x | — |
| 2023 | ProMedica Hospice, Home Health & Palliative Care | Gentiva (CD&R) | $710.0M | 11.8x | 1.58x |
| 2022 | Humana's Hospice Business (Kindred at Home Hospice) | Clayton, Dubilier & Rice | $3400.0M | 12.0x | — |
| 2022 | Kindred at Home Hospice & Personal Care | Clayton Dubilier & Rice (CD&R) | $2800.0M | 11.2x | 1.56x |
| 2020 | Care Hospice | Thomas H. Lee Partners | $750.0M | 15.0x | — |
| 2020 | St. Croix Hospice | H.I.G. Capital | $580.0M | 15.5x | — |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same hospice can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to hospice businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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