Description
Kindred Healthcare is a post-acute healthcare services company that operates long-term acute-care hospitals and provides rehabilitation services across the United States.
Kindred's headquarters and support center are located in Louisville, Kentucky.
As of March 2018, Kindred Healthcare had approximately 38,300 employees in 45 states and approximately $3.4 billion in annual revenues.
History
Kindred was founded in 1985 as Vencor, Inc. The current name was adopted on April 20, 2001, following Vencor's emergence from Chapter 11 bankruptcy. Kindred went public in 2001 on the New York Stock Exchange with the symbol KND.
In February 2011, Kindred Healthcare agreed to acquire RehabCare Group for approximately $900 million in cash and stock to create, at the time, the largest post-acute health care services company in the United States.
In October 2014, Kindred Healthcare, Inc. and Gentiva Health Services, a provider of home health care, hospice and related services in the United States, announced a merger agreement under which Kindred would acquire all outstanding shares of Gentiva common stock for $19.50 per share in a combination of cash and stock. The deal was officially signed into agreement effective January 31, 2015, with Gentiva becoming a wholly owned subsidiary of Kindred.
In June 2017, Kindred announced a definitive agreement with BM Eagle Holdings, LLC, a joint venture led by affiliates of BlueMountain Capital Management, to sell the company's skilled-nursing facility business for $700 million. The sale included 89 nursing centers with 11,308 licensed beds and seven assisted living facilities with 380 licensed beds, which collectively had approximately 11,500 employees in 18 states.
In December 2017, Kindred Healthcare Inc. announced that it would be acquired for approximately $4.1 billion by a consortium of three companies: TPG Capital, Welsh, Carson, Anderson & Stowe (WCAS) and Humana. The acquisition was contested by shareholder Brigade Capital Management, who filed a suit with the SEC in March 2018 and submitted a letter to Kindred's board and management arguing that the $9 per share price offered by the deal was "grossly inadequate."
Upon acquisition, the home health, hospice and community care businesses would be separated from Kindred and operated as a standalone company owned 40 percent by Humana, with the remaining 60 percent owned by TPG and WCAS. Kindred's long-term acute care hospitals, rehab hospitals and contract rehabilitation services businesses would be operated as Kindred Healthcare, a separate specialty hospital company owned by TPG and WCAS. The transaction was approved on April 5, 2018 and completed on July 2, 2018.
Kindred's stock ceased trading on the New York Stock Exchange on June 29, 2018, as it transitioned to a privately held company.
In 2019, Kindred and Jefferson County Public Schools (JCPS) launched Honeycomb classrooms, new innovation centers at local high schools, providing students with access to the latest technology.
