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Hospice Valuations: Addus HomeCare's Acquisition of Queen City Hospice
On November 11th, Addus HomeCare announced it was purchasing Queen City Hospice, LLC, an Ohio-based hospice agency, for $192m ($162.8m net of a tax benefit worth $29.2m). Queen City reportedly generates revenue and EBITDA of $56m and $8m annually, respectively, representing nosebleed multiples of 3.4x revenue and 24x EBITDA. The $8m EBITDA figure is likely prior to de novo/pro forma adjustments, but the multiples are still surprisingly high, and indicative of a hot segment th