BUYER POOL ANALYSIS
Selling a Hospice to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 11.3x across 23 disclosed deals (P25: 8.3x, P75: 13.2x). Median EV/Revenue 1.71x across 34 deals. Median deal value: $64.75M.
- How many disclosed transactions?
- 35 deals total (35 from 2018+), filtered to Strategic / Industry acquirers of hospice businesses.
- Most active buyers
- Addus HomeCare Corporation (3) · LHC Group, Inc. (3) · Adoration Hospice Care (2) · Agape Care Group (2) · Amedisys, Inc. (2) · Amedisys Inc. (2)
Recent disclosed deals
Strategic / Industry acquisitions of hospice businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Signature Healthcare at Home (Hospice & Home Health) | The Pennant Group | $80.0M | 10.0x | 1.45x |
| 2025 | West Virginia Hospice | Adoration Hospice Care | $0.2M | — | 0.20x |
| 2024 | Covenant Care / Covenant Hospice | VITAS Healthcare Corporation (Chemed) | $85.0M | 18.0x | 1.50x |
| 2024 | Covenant Health and Community Services Hospice | VITAS Healthcare (Chemed Corp) | $85.0M | 18.0x | — |
| 2024 | Haven Hospice | BrightSpring Health Services | $64.8M | 8.3x | 0.90x |
| 2023 | Hope Hospice, Inc. | Agape Care Group | $10.0M | 123.5x | 2.00x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to hospice businesses acquired by strategic / industry 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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