Addus HomeCare announces the acquisition of Aid & Assist at Home, LLC
DOWNERS GROVE, Ill., June 2, 2014 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home-based social and medical services focused on the elderly dual eligible population, announced today that the Company has acquired CURA Partners, LLC (D/B/A Aid & Assist at Home, LLC) effective June 1, 2014.
This acquisition includes eight offices providing personal care services to seniors and persons with disabilities throughout the State of Tennessee and further expands the Company's presence in that state. Tennessee is a leader among the states in the transition of its long-term care services to managed care. The acquisition represents approximately $12 to $13 million in aggregate projected annual revenues for the twelve month period ending December 31, 2014.
Mark Heaney, President and CEO of Addus HomeCare, said, "We are pleased to announce the purchase of Aid & Assist at Home as it substantially expands our footprint in Tennessee, a state which is on the forefront of transitioning its Medicaid long term care programs to managed care. We are pleased to have this well respected organization, its leadership and all the employees of Aid & Assist join the Addus team."
Legal and Financial Advisors
Winston & Strawn LLP served as legal advisor to the Company and Provident Healthcare Partners, LLC acted as financial advisor to the Company.
Addus is a provider of a broad range of home and community based services, primarily social in nature and provided in the home, and focused on the dual eligible population. Addus' services include personal care and assistance with activities of daily living, and adult day care. Addus' consumers are individuals who are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus' payor clients include federal, state and local governmental agencies, commercial insurers and private individuals. For more information, please visit www.addus.com.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including the expected benefits and costs of acquisitions, the anticipated financial impact of possible transactions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare's relationships with referral sources, increased competition for Addus HomeCare's services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates and other risks set forth in the Risk Factors section in Addus HomeCare's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 17, 2014 and in Addus HomeCare's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 7, 2014, each of which is available at http://www.sec.gov. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chief Financial Officer
Phone: (847) 630-3400
SOURCE Addus HomeCare Corporation