[November 24, 2014]

Harris Williams & Co. Advises Encompass Home Health & Hospice on its Pending Sale to HealthSouth Corporation for $750 Million

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the pending sale of EHHI Holdings, Inc., which owns Encompass Home Health & Hospice (Encompass), to HealthSouth Corporation (HealthSouth) for $750 million. Encompass is among the nation's leading providers of home health and hospice services and a portfolio company of Cressey & Co. (Cressey). The transaction, which is subject to customary closing conditions and expected to close in the fourth quarter of 2014, is being led by Turner Bredrup, James Clark, Paul Hepper and Nick Owens of Harris Williams & Co.'s Healthcare & Life Sciences (HCLS) Group.

"We have known April Anthony and the Encompass team since advsing the company on its sale to Cressey in 2007. It has been exciting to see the team execute its patient-centered care model and growth strategy to become one of the five largest home health and hospice providers in the U.S.," said Turner Bredrup, a managing director in Harris Williams & Co.'s HCLS Group. "Through their partnership with Cressey, Encompass has grown both organically and via acquisitions. We are pleased to have found the team another great partner in HealthSouth that brings incredible strategic synergies to bear as the team continues to execute on building the premier home health and hospice platform."

"This transformational transaction positions HealthSouth as a leader in both facility-based and home-based post-acute care and better enables the company to manage a continuum of care in order to reduce costs and improve quality for its patients," said James Clark, a managing director in Harris Williams & Co.'s HCLS Group. "The transaction brings together two best-of-class post-acute providers with regard to patient outcomes and operating efficiency."

Founded in 1998 and based in Dallas, TX, Encompass is the fifth largest provider of Medicare-focused, skilled home health services in the U.S. It operates in 140 locations across 13 states, with approximately 5,000 employees making more than 2.1 million patient visits annually.

Based in Chicago and Nashville, Cressey is a private investment firm focused on building leading healthcare provider, service and information technology businesses. With a history spanning nearly 35 years, the firm's team is one of the most experienced and successful in the healthcare private equity field.

HealthSouth is the nation's largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated and discharged, revenues and number of hospitals. Operating in 28 states across the country and in Puerto Rico, HealthSouth serves patients through its network of inpatient rehabilitation hospitals, outpatient rehabilitation satellite clinics and home health agencies. HealthSouth's hospitals provide a higher level of rehabilitative care to patients who are recovering from conditions such as stroke and other neurological disorders, cardiac and pulmonary conditions, brain and spinal cord injuries, complex orthopedic conditions and amputations.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC (News - Alert) Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.'s HCLS Group has experience across a broad range of sectors, including alternate site care; healthcare IT; managed care and cost containment services; medical devices, products and distribution; outsourced clinical and practice management services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group's section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

For media inquiries, please contact Katie Hurst, associate brand manager, at +1 (804) 648-0072.

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