TowerBrook & Ascension Health To Buy Compassus

Health system Ascension Health and private equity firm TowerBrook Capital Partners announced plans to acquire Nashville, Tennessee-based Compassus. While Compassus is known for its hospice services, the post-acute care company also provides palliative and home health care services; it has more than 125 locations in 30 states across the U.S.

As part of the deal, TowerBrook Capital Partners and Ascension Health will split ownership of Compassus 50/50, with each holding an equal stake. The agreement values Compassus at more than $1 billion. Additionally, former investors Formation Capital and Audax Private Equity will no longer hold stakes . . .