Home Health & Hospice M&A | Enhabit Acquired by Kinderhook Industries (~10.7x EBITDA / 1.05x Revenue)
- Will Hamilton
- Feb 23
- 2 min read
On February 23, 2026, Enhabit, Inc. (NYSE: EHAB), a leading national home health and hospice provider, announced a definitive agreement to be acquired by Kinderhook Industries, LLC, a middle market private equity firm, in an all-cash transaction for a total enterprise value of approximately $1.1 billion. Enhabit stockholders will receive $13.80 per share in cash, representing a premium of approximately 24.4% to the closing stock price on February 20, 2026.
Dallas-based Enhabit became an independent public company in 2022 following a spin-off from Encompass Health. The company operates 249 home health locations and 117 hospice locations across 34 states, serving patients with a team of skilled clinicians focused on recovery and quality outcomes in the home setting. The acquisition was unanimously approved by Enhabit's Board of Directors and is expected to close in the second quarter of 2026.
Kinderhook, founded in 2003, has raised over $10 billion in committed capital and has been an active investor across healthcare services. Under its ownership, Enhabit is expected to benefit from additional investment in its people, clinical programs, and innovation without the short-term pressures of public markets. The deal continues a trend of private equity firms targeting publicly traded home health platforms at what have historically been attractive multiples relative to internal growth expectations.
Home Health & Hospice EBITDA Multiples
According to the press release, the purchase price was $13.8/share, valuing the company at ~$1.1b. Revenue and adjusted EBITDA from the Q4 9/30/2025 earnings release.
Sources:
Other Home-Based Services Deals
Read Scope Research's take on other home-based services M&A transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to over 140 home-based services deals, segmented by type, including 96 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.
