Four Years Ago Curo's Owner Rumored as White Knight

Strange Tony,

As Kindred pursued a reluctant Gentiva in summer 2014 several private equity firms got mention as possible white knights.  GTCR, then owner of Curo Health, and Cressey and Co. were two potential saviors for Gentiva.  Neither white knight showed enabling Kindred President Paul Diaz to consummate the Gentiva deal, receive a $6 million bonus and land a high paying spot with Cressey.

GTCR sold Curo for $730 million in December 2014 to Thomas Lee Partners, another financial rapscallion.  Curo purchased New Century Hospice in January 2016.  Goldman Sachs arranged a $433 million leveraged loan for Curo in early 2017.  Piper Jaffray characterized the loan as a refinancing. 

Thomas Lee will receive $1.4 billion from Humana, TPG Capital and WCAS for Curo Health Services.  The deal is expected to close after the same three companies spend $2 billion to buy Kindred at Home.  News reports indicate executives plan to use Curo's management systems and structure for Kindred's hospice division.

The plan is for the existing Curo executive team to lead the hospice division once Kindred and Curo are unified, a banker with knowledge of the deal told Home Health Care News.

Financial rapscallions do deals like this for synergy purposes.  They believe they can take out millions in overhead by eliminating duplicate positions.  Kindred Hospice corporate employees should be nervous, as should any Kindred Hospice staff operating in the same area as one of Curo's eight hospice brands.

Curo is now the Dark Knight for former Gentiva employees who've suffered under Kindred.  Our maltreatment is sure to continue under Curo.

Lots of turnover. SouthernCare Hospice was a good company until Curo took over. It's horrible now. Everything is about money.

It's ALL about the money. Management is so caught up in making money, quality of care is put on the back burner.  

PTO system is horrible, insurance is a little better but not great (and expensive). Forget raises, but we have money for trips for the big dogs. This company has its priorities wrong and I do not think it will ever turn it around. 

No raises for Kindred employees in the run up to deal closing or after the deal is consummated.  In six months employees will get a peek at 2019 benefits.  I wonder how many of us will be left for the unveiling.   Chaos is coming. 

Anonymous (from Kindred Hospice, soon to be a division of Curo Health Services within Kindred at Home)