Houlihan Lokey Advises Traditions Health

Traditions Health (Traditions), a portfolio company of Dorilton Capital (Dorilton), has been acquired by four hospice providers, each dividing the company’s assets across their geographic footprints. The Care Team, VitalCaring Group (VitalCaring), LifeCare Home Health Family (LifeCare), and Mission Healthcare have each purchased a portion of Traditions’ locations. Houlihan Lokey served as the exclusive financial advisor to Traditions and Dorilton. Financial terms of these transactions are undisclosed.

Founded in 2008 and headquartered in Franklin, Tennessee, Traditions is a leading provider of hospice, home health, and palliative care services, as well as consulting solutions, operating across 18 states. The company has established a strong reputation for delivering high-quality, patient-centered care through a broad network of locations.

Founded in 2009, Dorilton is a family-owned equity firm that partners with founder-led and middle-market companies to support long-term, sustainable growth. Headquartered in New York, New York, Dorilton takes a flexible, patient capital approach and collaborates closely with management teams to drive strategic expansion, operational excellence, and enduring value creation.

Since 2018, The Care Team, an affiliate of Revelstoke, has been a leading provider of hospice care, delivering compassionate, patient-centered services across Michigan, Indiana, Pennsylvania, and surrounding regions. Its interdisciplinary teams focus on enhancing comfort, dignity, and quality of life for patients and families wherever they call home.

Founded in 2021 and headquartered in Oklahoma City, Oklahoma, VitalCaring is a national provider of home health and hospice services, delivering compassionate, high-quality care supported by a mission-driven organizational culture. Serving patients across the United States, VitalCaring is committed to providing an exceptional experience at every encounter.

Since its founding in 2016, LifeCare has grown into a group of companies dedicated to advancing health and personal care in the home. The company provides hospice, home health, palliative, and private duty services across Texas, Florida, Nevada, Arizona, and Georgia. LifeCare’s culture is centered on a core set of mission-driven values, and the organization is committed to caring for patients as if they were family.

Established in 2009, Mission Healthcare is a culture-focused, leading West Coast provider of home-based healthcare. Based in San Diego, California, Mission Healthcare operates in 30 locations across seven states. As a preferred partner with several leading health systems, Mission Healthcare works with providers to customize each partnership to provide exceptional, coordinated care.

The four buyers have split Traditions’ assets geographically. The Care Team now owns the company’s hospice and palliative care locations in Illinois, Indiana, Ohio, and Virginia. VitalCaring has acquired home health, hospice, and palliative operations in Alabama, Arizona, Kansas, Louisiana, Missouri, Mississippi, Nebraska, Nevada, Oklahoma, and Texas. Meanwhile, LifeCare has acquired hospice and palliative operations in Georgia. Finally, Mission Healthcare has acquired hospice and palliative operations in California and Oregon.

Houlihan Lokey’s Healthcare Group is among the largest and most active dedicated healthcare investment banking groups in the world. In 2024, the group closed 35 transactions and was ranked by LSEG (formerly Refinitiv) as the No. 1 M&A advisor globally for all healthcare transactions.*

*Excludes accounting firms and brokers.

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