Graham Holdings (NYSE: GHC) announced it has acquired a majority interest in Residential Healthcare Group Group, Inc., the parent company of Residential Home Health and Residential Hospice, leading providers of skilled home health care and hospice services in Michigan and Illinois. Mike Lewis, chairman and chief executive officer, and the Residential Healthcare Group management team will continue to operate the businesses. The purchase price was not disclosed.
Residential Home Health, founded in 2001, and Residential Hospice, founded in 2011, are in-home, on-site and on-call providers based in Troy, MI. They offer a wide range of services and an experienced and caring staff of nurses, therapists, medical social workers, personal and spiritual care attendants and other medical professionals.
Donald E. Graham, chairman and chief executive officer of Graham Holdings, said: “Our acquisition of Residential Healthcare Group is part of Graham Holdings’ ongoing strategy of acquiring companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon. Residential Healthcare is an acquisition that fits our decentralized operating philosophy. We are a diverse group of businesses sharing common goals and values but each with its own identity and workplace culture, and with management responsible for its operations.”