Home health consolidation is drawing private equity to take-public opportunities.

Kinderhook Industries will acquire Enhabit Home Health and Hospice in a $1.1 billion all-cash transaction, taking the post-acute care provider private at $13.80.

Enhabit delivers home health, hospice, and palliative care to patients across the United States.

The business was carved out of Encompass Health in 2022 and operates a payer-agnostic model serving Medicare, Medicaid, and commercial populations.

The company’s national footprint gives it scale in a fragmented sector where demographic trends support growing demand for care delivered outside institutional settings.

Kinderhook, a middle-market private equity firm based in New York, targets healthcare, environmental services, and niche manufacturing.

The Enhabit acquisition adds a multi-site healthcare platform to a portfolio that has included investments in providers, payors, and healthcare technology companies.

The firm typically backs management teams in operational growth and strategic repositioning.

The deal will be put to a vote of Enhabit shareholders and is subject to regulatory clearance.

Public filings indicate that the merger agreement includes change-of-control benefits for certain insiders and restrictions on competing bids.