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RehabCare Group / Kindred Healthcare

exited

Healthcare — Kindred / TPG (acquirer)

Deal Terms

Entry Year2011
Entry EV$0.9B
Entry Multiple8x
Leverage5x
Debt Amount$0.45B

Outcome

Exit Year2018

Risk Metrics

LTV (est.)50%
Debt / EV0.50x

Notes

Kindred Healthcare acquired RehabCare for ~$900M (2011). Rehabilitation therapy staffing for nursing homes and hospitals. PE-backed Kindred was itself later taken private by Humana/TPG/Welsh Carson ($4.1B, 2018). Post-acute rehab under PE ownership: shorter therapy sessions, higher caseloads, lower-paid therapists. Medicare reimbursement changes (PDPM) disrupted the model.

Sponsor

TPG Inc.$230B AUM