Editor's Note: This story originally published February 23 and has been updated following the completion of the acquisition.
On Friday Kinderhook Industries finalized its previously announced take-private buyout of Enhabit, a provider of home health and hospice care.
Under teams of the deal, Enhabit shareholders received $13.80 per share in cash, and the aggregate purchase price for all outstanding shares is approximately $762 million, according to a regulatory filing (PDF) with the U.S. Securities and Exchange Commission.
In connection with closing, Enhabit’s credit agreement was amended to add $105 million of incremental term loans, bringing total initial term loans to $420 million, and to increase revolving commitments by $40 million to $200 million, according to the regulatory filing.
As a result of the transaction, Enhabit became a private company. Its common stock is no longer listed for trading on the New York Stock Exchange.
The overall value of the deal was estimated to be $1.1 billion when it was announced in February.
When the deal was announced three months ago, the company had a market value of roughly $561 million, Reuters reported.
"Today marks an exciting milestone for Enhabit as we officially begin our next chapter as a privately held company. With Kinderhook’s support, Enhabit will benefit from additional resources and expertise that will enable growth, strengthen our clinical capabilities, and expand access to high‑quality care for patients, families and the communities we serv," Barb Jacobsmeyer, president and Chief Executive Officer of Enhabit, said in a statement.
"Enhabit’s leadership, patient‑centric culture and strong market position align closely with what we look for in a partner, and we are excited to help build on that foundation," Chris Michalik, managing director at Kinderhook, said. "We look forward to working together so the Enhabit team can continue expanding access to care, elevating quality, and delivering strong outcomes for patients and families."
Enhabit has a nationwide footprint spanning 251 home health locations and 117 hospice locations across 35 states. The company became an independent publicly traded company in 2022 after spinning off from inpatient rehabilitation and home care company Encompass Health.
Jeffrey Bolton, chairman of Enhabit’s board of directors, said in a statement when the deal was announced on February 23 that the Board evaluated the current state of the business, its outlook and opportunities and felt confident that the transaction maximizes value for stockholders.
Under Kinderhook’s ownership, Enhabit will benefit from additional resources and expertise that will support long-term investments in the company's staff, clinical excellence and innovation "without the short-term pressures of the public markets,"Jacobsmeyer said when the deal was announced.
Michalik said Kinderhook's growth-oriented investment strategy provides management teams with long-term capital and practical support "so they can focus on what they do best—running a great company that expands access to care, elevates quality, and delivers better outcomes for the patients and families they serve."
Private equity firms continue to make big investments in home health and hospice care and Kinderhook's acquisition is just the latest M&A play.
In 2025, there were 1,029 PE-backed healthcare deals in the U.S., with 39 deals involving home health and hospice companies, according to data from nonprofit watchdog organization Private Equity Stakeholder Project (PESP).
In November 2025, JAMA Health Forum published research showing that of 749 home health agencies identified from 2006 to 2024, 520 were acquired by middle-market PE firms and 143 by megafund PE firms. While PE acquisitions of home health agencies peaked in 2021, the PESP said it has tracked "consistent activity in this space in recent years, including in 2025."
In 2024, Waud Capital Partners, a middle-market private equity firm, acquired Senior Helpers, a company that offers home care and wellness offerings for seniors. Waud Capital bought Senior Helpers from Advocate Health. In April, Waud Capital created a new home health platform company, Altocare, after it acquired MedTec Healthcare, a provider of in-home care and adult day services, and its merger with Senior Helpers.
Also last year, Aveanna Healthcare, majority-owned by Bain Capital and J.H. Whitney, acquired Thrive Skilled Pediatric Care. Aveanna is the largest provider of private duty nursing services in the U.S., and the deal grew Aveanna’s already expansive footprint.