Graham Holdings, the company created after the Graham family sold The Washington Post last year to Amazon.com chief executive Jeffrey P. Bezos, has acquired a majority interest in a home healthcare conglomerate, a move aimed at further diversifying the firm’s portfolio as it continues to shed some of its media properties.
Under the agreement, Graham Holdings will take a majority stake in Troy, Mich.-based Residential Healthcare Group, the parent company of Residential Home Health and Residential Hospice, which provides at-home and on-site health care and hospice services in Michigan and Illinois. The healthcare company will continue to be run by its current chief executive, and its management team will remain in place.
The companies did not disclose the price of the deal.
Donald E. Graham, chairman and chief executive of Graham Holdings, said in a statement that the acquisition was part of his group’s “ongoing strategy of acquiring companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon.”
This isn’t the company’s first move into the home health care and hospice space, either. In October 2012, the firm purchased Celtic Healthcare, which provides nearly identical services as Residential Healthcare but to residents in parts of Pennsylvania and Maryland.
Graham Holdings’ properties also include the Kaplan education company, a few technology firms and several print and broadcast news outlets. In keeping the current Residential Healthcare management team in place, Graham noted that the executives will fit into his group’s “decentralized operating philosophy.”
“We are a diverse group of businesses sharing common goals and values but each with its own identity and workplace culture,” Graham stated.
While he continues to add new companies from various sectors, Graham has shed some other media interests since selling the Post. Earlier this week, Graham Holdings announced it had finalized the sale of WPLG, a Miami-based television station, to Warren Buffett’s Berkshire Hathaway.
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