Report: Louisville-based Kindred Healthcare exploring sale - WDRB 41 Louisville News

Report: Louisville-based Kindred Healthcare exploring sale

Posted: Updated:
Louisville-based Kindred Healthcare Louisville-based Kindred Healthcare

LOUISVILLE, Ky. (WDRB) --  Louisville-based Kindred Healthcare is working with investment banks to explore selling itself to a bigger company or private equity firm, according to a report by news agency Reuters on Friday.

Citing anonymous sources, the report said Kindred is “still in the early stages” of the “sale process,” which was prompted by the company’s high debt load and worrisome dependence on revenue from Medicare.

Kindred spokeswoman Susan Moss said in an email that the company doesn’t comment on rumors, but she said Kindred “is working with advisors and engaging with interested parties” as part of a plan announced last year to exit the skilled nursing business.

Kindred provides home health and hospice services and operates long-term acute care and inpatient rehabilitation hospitals, as well as assisted living facilities.

The company is in the midst of expanding its headquarters campus at 680 S. 4th Street with a new six-story office building. In 2014, Kindred said it had about 1,200 headquarters employees, a figure that would grow by about 500 in the years following the building’s opening.

With about $7 billion in annual revenue, Kindred is one of three Fortune 500 companies headquartered in Kentucky. The others are Humana and Yum! Brands, both based in Louisville.

Kindred's sale would immediately raise concerns about losing white-collar, corporate jobs as a new owner would likely seek to cut costs or reduce overlapping functions.

Louisville private equity investor Jonathan Blue tweeted Friday that Kindred's sale would be "another huge blow to the corporate community business base in Louisville."

One potential suitor for Kindred, according to Reuters, is Humana, which has its main office building less than a mile away.

Health insurers like Humana may see acute care acquisitions as a way to diversify their businesses, the report said.

Humana spokesman Tom Noland declined to comment.

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2017 WDRB News. All rights reserved.

  • Sign Up for WDRB's Sports Newsletter

    * denotes required fields

    Thank you for signing up! You will receive a confirmation email shortly.
  • Stories by Chris OttsMore>>

  • University of Louisville board chairman committed to 'closed' search for next president

    University of Louisville board chairman committed to 'closed' search for next president

    Monday, November 20 2017 5:24 PM EST2017-11-20 22:24:54 GMT
    U of L trustees chairman David Grissom, right, and interim President Greg Postel. Nov. 20, 2017U of L trustees chairman David Grissom, right, and interim President Greg Postel. Nov. 20, 2017

    The chairman of the University of Louisville board of trustees said the board is committed to conducting a “closed” search in which finalists for the next president of the university will not be made public -- over the objection of many faculty and staff members and students.

    More >>

    The chairman of the University of Louisville board of trustees said the board is committed to conducting a “closed” search in which finalists for the next president of the university will not be made public -- over the objection of many faculty and staff members and students.

    More >>
  • Beshear: Too soon to say whether taxpayer-funded aluminum company is a 'public agency'

    Beshear: Too soon to say whether taxpayer-funded aluminum company is a 'public agency'

    Monday, November 20 2017 10:58 AM EST2017-11-20 15:58:30 GMT
    Craig Bouchard, CEO of Braidy Industries Inc., speaks to the Louisville Rotary Club on Nov. 9, 2017.Craig Bouchard, CEO of Braidy Industries Inc., speaks to the Louisville Rotary Club on Nov. 9, 2017.

    It’s too soon to determine whether Braidy Industries, the aluminum manufacturing company in which Kentucky taxpayers are a big shareholder, is a “public agency” that must disclose its records like state and local government.

    More >>

    It’s too soon to determine whether Braidy Industries, the aluminum manufacturing company in which Kentucky taxpayers are a big shareholder, is a “public agency” that must disclose its records like state and local government.

    More >>
  • Now making money on Obamacare, Humana still plans to quit exchanges

    Now making money on Obamacare, Humana still plans to quit exchanges

    Friday, November 17 2017 1:46 PM EST2017-11-17 18:46:53 GMT
    Louisville-based Humana is unexpectedly making money on Obamacare exchange plans this year, company reports show.Louisville-based Humana is unexpectedly making money on Obamacare exchange plans this year, company reports show.

    Louisville-based Humana isn’t budging from its promise to stop selling individual plans in the Obamacare health insurance exchanges -- once and for all – in 2018. There’s only one problem: Humana is finally making money on the plans.

    More >>

    Louisville-based Humana isn’t budging from its promise to stop selling individual plans in the Obamacare health insurance exchanges -- once and for all – in 2018. There’s only one problem: Humana is finally making money on the plans.

    More >>
Powered by Frankly
All content © Copyright 2000 - 2017 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.