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In a move that reshapes the home-based care landscape, Enhabit to go private became the defining headline Monday as Enhabit Inc. announced it will be acquired by middle-market private equity firm Kinderhook Industries LLC in a transaction valued at roughly $1.1 billion.

The deal, structured as an all-cash buyout, marks a pivotal turn for the national home health and hospice provider — a shift from the public markets’ spotlight to the quieter, more controlled corridors of private ownership.

$13.80 Per Share and a 24.4% Premium

Under the agreement, Kinderhook will pay $13.80 per share for Enhabit, representing about a 24.4% premium over the company’s closing stock price on Friday. Once the transaction is completed, Enhabit will delist from the New York Stock Exchange, stepping away from public trading.

“Following a thorough evaluation and extensive deliberations in consultation with our independent advisers, we are pleased to reach this agreement with Kinderhook,” Enhabit Chairman Jeffrey Bolton said. He emphasized that the board weighed the company’s current position, future outlook and strategic opportunities before concluding the deal delivers maximum value for shareholders.

A National Footprint, A Private Future

Enhabit operates 249 home health locations and 117 hospice sites across 34 states, giving it a broad national reach in a sector increasingly viewed as central to the future of healthcare delivery. As hospitals shorten stays and patients seek care closer to home, companies like Enhabit sit at a crossroads of demand and demographic change.

Kinderhook signaled confidence not just in the numbers, but in the people behind them.

“We have long admired Enhabit’s leadership, patient-centric culture and strong market position in home-based care,” said Kinderhook Managing Director Chris Michalik. He noted the firm’s 20-year history of investing in industry-leading companies and partnering with experienced management teams, adding that Enhabit represents precisely the kind of organization Kinderhook aims to support.

Financing Secured, Closing Targeted for 2026

Kinderhook said it has lined up financing for the acquisition, securing a debt financing commitment letter from certain lenders as well as equity commitment letters from Kinderhook-advised funds.

After closing — expected in the second quarter of 2026 — Enhabit will continue operating under its existing name and brand. The transaction remains subject to shareholder approval and customary regulatory clearances.

Legal and Advisory Teams

Enhabit is being advised by Jones Day, with a team led by partners Andy Levine and Darcy White, alongside partner Ferrell Keel.

Kinderhook is represented by Kirkland & Ellis LLP. The firm’s advisory bench spans multiple disciplines: corporate partners Marshall Shaffer, Tom Marbury, Steven Choi and Kartik Khanna; debt finance partners Yongjin Im and Justin Greer; executive compensation partner Stephen Brecher; healthcare partners Dennis Williams and Micah Desaire; tax partner Ben Schreiner; antitrust and competition partners Ian John and Sam Morelli; employee benefits partner Chris Chase; labor and employment partner Mari Stonebraker; and technology and IP transactions partner Daisy Darvall.

As the healthcare industry recalibrates under financial pressure and demographic shifts, this transaction lands like a strategic pivot — a calculated bet that in the evolving story of American healthcare, the next chapter will be written closer to home.