New Century Hospice, Inc. was originally cofounded by David C. Gasmire, William Ward, and Robert Sarna as Century Hospice, LLC in 2006 serving markets in the Dallas area. With plans for expansion, David Gasmire teamed with Woody Grossman and equity partners from Scale Venture Partners and Petra Capital Partners to recapitalize the company to execute an aggressive growth plan. The new capital raised $20 million in Series A preferred stock and closed the round in 2010 to launch New Century Hospice. An additional $1 million was raised in 2011, followed by an organic growth model utilizing cash and debt that was largely provided as part of the Petra Capital Partners financing.

“David Gasmire and Woody Grossman, along with top senior managers Andrea Bohannon and Jerry Lyden, built a wonderful hospice company that grew organically in strategic markets,” said David Fitzgerald of Petra Capital Partners. “We were fortunate to be a part of the New Century team.”

 In 2016, the company transacted a sale to Curo Health Services (Curo), a nationally recognized hospice provider and a portfolio company of Thomas H. Lee Partners (THL). Cain Brothers served as New Century Hospice’s exclusive financial advisor in connection with the sale. In a strategic move, Curo and THL retained the board of director services of David Gasmire, who served on the Curo board after the New Century sale. Gasmire served on the board along with Curo CEO Larry Graham and the THL private equity team.

 In 2018, Humana and private equity firms TPG Capital and Welsh, Carson, Anderson & Stowe completed a $1.4 billion acquisition of Curo from THL. It was a move by Humana to expand into medical care services to complement its growing Medicare Advantage business. Humana owned 40% minority interest in Curo. The closing of the Curo deal came less than two weeks after Humana completed its acquisition of the Kindred at Home division of Kindred Healthcare.

 The early founding of Century, followed by New Century, played an integral role in the continued strategic development by Curo, Humana and Kindred. New Century was rolled up into the larger company and still has market presence as New Century Hospice/Kindred Hospice in at least 34 states. Interestingly, Odyssey Healthcare, cofounded by David Gasmire and Richard Burnham in 1995, ultimately sold to Gentiva in 2010 for $1 billion. The merger created the largest U.S. healthcare provider of home health and hospice services. In 2015, Kindred purchased Gentiva Healthcare for $700 million. In 2022, Humana divested the Kindred hospice and personal care divisions. The new standalone company became Gentiva once again. New Century continues as part of the Gentiva family.