VITAS Healthcare Corporation Acquires Houston-Based Hospice Provider, Solari Hospice Care
MIAMI--(BUSINESS WIRE)-- Chemed Corporation ("Chemed") (NYS: CHE) today announced that its VITAS Healthcare Corporation ("VITAS") subsidiary has acquired the operating assets of Houston-based Solari Hospice Care effective April 1, 2013. In Houston, Solari Hospice Care serves approximately 60 patients and also operates a free-standing hospice inpatient facility that provides high acuity care to up to 12 patients.
VITAS, the nation's leading provider of end-of-life care, currently serves more than 1,200 patients in Texas, including 251 in Houston. As part of the transaction, VITAS will enter into a long-term lease of the Solari Hospice Care inpatient facility. Financial terms of the transaction were not disclosed.
"VITAS' acquisition of Solari Hospice Care reflects our commitment to serving patients and their families by offering access to the highest quality end-of-life care," VITAS Chief Executive Officer Timothy O'Toole said. "We are pleased to welcome Solari Hospice Care to VITAS and look forward to expanding our presence in Houston as we serve the city's end-of-life needs."
Listed on the New York Stock Exchange and with headquarters in Cincinnati, Chemed Corporation (http://www.chemed.com) operates two wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is the nation's largest provider of end-of-life hospice care and Roto-Rooter is the nation's leading provider of plumbing and drain cleaning services.
VITAS Innovative Hospice Care, a pioneer and leader in the hospice movement since 1978, is the nation's leading provider of end-of-life care. With headquarters in Miami, VITAS (pronounced VEE-tahs) operates 51 hospice programs in 19 states (Alabama, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Michigan, Missouri, New Jersey, Ohio, Pennsylvania, Texas, Virginia and Wisconsin). VITAS employs 11,631 professionals who care for terminally ill patients daily, primarily in the patients' homes, but also in the company's 36 inpatient hospice units as well as in hospitals, nursing homes and assisted living communities/residential care facilities for the elderly. At the conclusion of the fourth quarter of 2012, VITAS reported an average daily census of more than 14,400. Visit www.vitas.com.
Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.
VITAS Innovative Hospice Care
Kal Mistry, 305-350-5990
Chief Administrative Officer/Senior Vice President
KEYWORDS: United States North America Florida Texas
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