Addus HomeCare to Buy AccentCare Personal Care for $275 Million
The acquisition is expected to add about $280 million in annualized revenue and deepen personal-care scale in Texas, Illinois, California, and Arizona.
Addus HomeCare Corporation (ADUS) agreed to acquire the personal care division of AccentCare for an anticipated purchase price, after customary adjustments, of approximately $275.0 million.
The home care provider said the deal relates only to AccentCare’s personal care operations outside of New York and does not include its hospice and home health businesses. The acquired operations serve an average daily census of about 13,700 customers through locations in a 10-state footprint.
Dirk Allison, Chairman and Chief Executive Officer, said, “Importantly, during the quarter we announced a definitive agreement to acquire the personal care division of AccentCare for approximately $275.0 million. This transaction will add roughly $280 million in annualized revenue, a nearly 19% expansion of our total revenue base, while substantially expanding our capabilities across key states like Texas, Illinois, California, and Arizona.”
The company said the acquisition is expected to add about $280 million in annualized personal care revenue, a roughly 19% increase to Addus’s revenue base, and is expected to be accretive to financial results.
The deal significantly expands personal care capabilities in Texas, Illinois, California, and Arizona, and also adds operations in Colorado, Georgia, Minnesota, Pennsylvania, Tennessee, and Washington. Addus said the transaction broadens its personal care service line and further establishes the company as a leading multi-state scaled, non-franchise home care platform.
Addus will fund the acquisition through a combination of its revolver and cash on hand. The company expects to close following completion of regulatory approvals and subject to customary closing conditions.