Enhabit acquired by Kinderhook Industries: fairness opinion
Announced February 23, 2026 · Merger ·
DEFM14A filed April 14, 2026
Enterprise value
$1.1B
EV / LTM EBITDA
10.0x
EBITDA $110M · 10% margin
EV / LTM revenue
1.01x
revenue $1.1B
DCF discount rate
11.5%–14.5%
Deal terms
Consideration—
Price per share—
Premium—
Premium basis—
StructureMerger
Termination fee—
Reverse termination fee—
Go-shopNone
Outside date—
FilingDEFM14A · EDGAR index
3,000+ healthcare deal-level valuation multiples
The Valuation database includes financial details for more than 3,000 healthcare M&A transactions, private and public, with deal-level multiples, categorized by segment, type, and year.
Management projections
| Projection year | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | CAGR |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B | 8.3% |
| Revenue growth | 1.7% | 8.4% | 8.3% | 8.4% | 8.3% | |
| EBITDA | $117M | $148M | $184M | $223M | $267M | 22.9% |
| EBITDA growth | 6.4% | 26.5% | 24.3% | 21.2% | 19.7% | |
| EBITDA margin | 11% | 12% | 14% | 16% | 18% | |
| Implied EV / EBITDA | 9.4x | 7.4x | 6.0x | 4.9x | 4.1x |
Year-1 growth is against LTM at announcement ($1.1B revenue, $110M EBITDA); later years are year over year.
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- LHC Group / Almost Family 2017 · 15.5x EV/EBITDA
- Gentiva Health Services / Kindred Healthcare Services 2014 · 9.7x EV/EBITDA
- Lincare / Linde AG 2012 · 9.1x EV/EBITDA