Sun Healthcare (SUNH) Subsidiary Completes Acquisition of Allegiance Hospice Group
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Sun Healthcare Group, Inc. (NASDAQ: SUNH) announced that its subsidiary, SolAmor Hospice Corporation, has completed the acquisition of Allegiance Hospice Group, Inc. Allegiance is a privately-held, Medicare-certified hospice company headquartered in Lowell, Mass. that provides services to approximately 300 hospice patients in Maine, Massachusetts and New Hampshire.
"The geographic markets that Allegiance serves fit perfectly with the SolAmor markets, and the acquisition is expected to increase the size of SolAmor's revenue by almost 70 percent," said Richard K. Matros, chairman and chief executive officer of Sun Healthcare Group, Inc. "We are pleased with the performance of SolAmor and look forward to additional opportunities to grow in this segment," added Matros.
With this transaction, SolAmor Hospice will provide hospice services in eight states to approximately 860 patients daily, with an annualized revenue run rate of approximately $43.0 million.
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