On the grow: LHC Group, a Louisiana-based firm, is acquiring home health and hospice companies with $44 million in revenues. The transaction involves Professional Healthcare Resources, headquartered in Virginia, and East Arkansas Health Holdings, which is based in Arkansas. In a news release, the company says it has signed a purchase agreement with both firms. The deal consist of $23.3 million in home health revenue, $5.1 million in hospice revenue and $15.6 million in community-based services revenue. East Arkansas Health Holdings operates four home health locations, two hospice locations and a community-based services location serving 11 counties in eastern Arkansas. PHR provides home health services and has multiple locations in Washington D.C., Virginia and Maryland. Terms of the deal were not released.
Moving upward: Oil prices hit an eight-month high this morning, buoyed by the U.S. dollar nearing a one-month low and falling Nigerian oil output after a spate of attacks on infrastructure. Reuters reports U.S. crude touched a fresh 2016 peak of $50.37, its highest price since October last year. The price of oil has nearly doubled since January—when it hit its lowest price since late 2003—boosted largely by a spate of unplanned outages that have eroded production in Canada, Venezuela, Libya and Nigeria, along with a steady decline in higher-cost U.S. shale output. As of 10 a.m., oil had slipped back down to just below the $50 per barrel mark, at $49.96. Read the full story.
For a limited time: Abita Brewing Co. says it has added a second flavor to its seasonal Harvest Series. The Associated Press reports Abita Blueberry Wheat beer hit store shelves Monday and will be available from June through September. The company says its other seasonal brew, strawberry lager, has gained popularity nationwide. The blueberry beer’s season begins when the strawberry beer goes out of production. The company says both use locally grown produce. Abita adds fruit juice after the beer has been fermented, aged and filtered.
