Home health and hospice provider Enhabit Inc., advised by Jones Day, on Monday unveiled plans to go private following a sale to middle market private equity firm Kinderhook Industries LLC, led by Kirkland & Ellis LLP, in an all-cash deal valued at roughly $1.1 billion.

Under the terms of the agreement, Kinderhook will pay $13.80 per share for Enhabit, representing a roughly 24.4% premium to the company's closing stock price on Friday, according to a Monday statement. Once the deal closes, Enhabit will delist its shares from the New York Stock Exchange.

"Following a thorough evaluation and extensive deliberations in consultation with our independent advisers, we are pleased to reach this agreement with Kinderhook," said Enhabit Chairman Jeffrey Bolton. "The board evaluated the current state of the business, its outlook and opportunities, and is confident this transaction maximizes value for our stockholders and is in their best interest."

Enhabit is a national home health and hospice provider with a nationwide footprint of 249 home health locations and 117 hospice locations across 34 states.

Kinderhook said it has secured financing for the deal, with a debt financing commitment letter from "certain lenders" and equity commitment letters from Kinderhook-advised funds, the statement said.

"We have long admired Enhabit's leadership, patient-centric culture and strong market position in home-based care. Kinderhook has a successful 20-year track record of investing in industry-leading companies and partnering with world-class management teams," said Kinderhook Managing Director Chris Michalik.

"Enhabit exemplifies exactly the kind of organization we seek to support — and the kind of team we are excited to partner with," Michalik said.

Once the deal closes, Enhabit will continue to operate under its name and brand. The deal is expected to close in the second quarter of 2026, subject to shareholder approval and regulatory approvals.

The Jones Day team advising Enhabit was led by partners Andy Levine and Darcy White and included partner Ferrell Keel.

The Kirkland team advising Kinderhook included 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.