The founder of the nation's 10th largest home health agency says he won't be selling the Moorestown-based company and will instead donate it to a charitable foundation.
J. Mark Baiada tells The Philadelphia Inquirer that he plans to hand over Bayada Home Health Care to a newly formed nonprofit that's ``all mission-driven.''
Company officials say Bayada employs 23,000 people in 22 states and brings in $1.1 billion in annual revenue. Its services include home nursing, rehabilitation, therapy, and hospice.
If it were for sale, Bayada would've likely been a target for a takeover due to its size. Similar health care companies smaller than Bayada have fetched sale prices equal to their annual revenue or more.
The transition to a public nonprofit is expected to take several years.
