8.Acquisitions

2016 Acquisitions

On June 18, 2016, the Company acquired certain home health agency assets primarily in Wisconsin, but also in Connecticut and Kentucky (collectively, the Wisconsin acquisition). The purchase price was $6.0 million, funded through borrowings on the Company’s bank credit facility. The post-acquisition operating results of these agencies are primarily reported in the Company’s PC segment.

On January 5, 2016, the Company acquired 100% of the equity of Long Term Solutions, Inc. (LTS). LTS is a provider of in-home nursing assessments for the long-term care insurance industry. LTS provides assessments in all 50 U.S. states and a number of foreign countries. The purchase price of $37 million was funded through borrowings on the Company’s bank credit facility, seller notes and issuance of the Company’s common stock. LTS’s post-acquisition operating results are reported in the Company’s HCI business segment.

On January 5, 2016, the Company purchased the assets of a Medicare-certified home health agency owned by Bayonne Visiting Nurse Association (Bayonne) located in New Jersey. The purchase price was $4.0 million. Bayonne’s post-acquisition operating results are reported in the Company’s VN segment.

2015 Acquisitions

On November 5, 2015, the Company acquired the stock of Black Stone Operations, LLC (Black Stone). Black Stone is a provider of in-home personal care and skilled home health services in western Ohio and operates under the name “Home Care by Black Stone.” The purchase price of $40 million was funded through borrowings on the Company’s bank credit facility, seller notes and issuance of the Company’s common stock. Black Stone’s post-acquisition operating results are primarily reported in the VN and PC segments.

On August 29, 2015, the Company acquired 100% of the equity of Bracor, Inc. (dba WillCare). The purchase price for the New York and Connecticut operations was $50.8 million. The transaction was funded by borrowings under the Company’s bank credit facility. On March 1, 2015, the Company acquired the stock of WillCare’s Ohio operations for $3.0 million. WillCare’s post-acquisition operating results are reported in the VN and PC segments.

On July 22, 2015, the Company acquired 100% of the equity of Ingenios Health Co. (Ingenios) for $11.4 million of the Company’s common stock plus $2.0 million in cash. Ingenios is a leading provider of technology enabled in-home clinical assessments for Medicare Advantage, Managed Medicaid and Commercial Exchange lives in 7 states and Washington, D.C. The operating results of Ingenios are reported in the HCI business segment.

On January 29, 2015, the Company acquired a noncontrolling interest in a development stage analytics and software company, NavHealth, Inc. (NavHealth). The investment is an asset of the Company’s HCI segment.

The following table summarizes the preliminary fair value estimates as of the respective acquisition dates of the assets acquired and liabilities assumed for the WillCare, Ingenios, Black Stone, LTS, Bayonne and Wisconsin acquisitions:


	Preliminary Purchase
	Price Allocation
Accounts receivable	$	14,022
Property, plant & equipment		2,964
Other assets		1,648
Goodwill		129,016
Other intangibles		15,740
Assets acquired		163,390
Liabilities assumed		(9,663)
Net assets acquired	$	153,727

Deal and transition costs incurred in conjunction with the 2015 and 2016 acquisitions were $2.1 million for the quarter ended July 1, 2016. Similar amounts for the prior year periods were $203 related to 2014 acquisitions. Such amounts are included in Deal, transition and other costs in the Consolidated Statements of Income.