Business
Addus HomeCare Completes Acquisition of Queen City Hospice, LLC And Affiliate
Ohio Business Provides Hospice Services Producing Annualized Revenue of Approximately $56 Million Separately Completes SunLife Home Care Acquisition in
About this update from Addus Homecare Corporation
[{"type":"text","content":"Ohio Business Provides Hospice Services Producing Annualized Revenue of Approximately $56 Million\n Separately Completes SunLife Home Care Acquisition in Arizona\n\n\nFRISCO, Texas, Dec. 4, 2020 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced that it has completed the acquisition of Queen City Hospice, LLC, and its affiliate Miracle City Hospice, LLC (together \"Queen City Hospice\") for a cash purchase price of $192.0 million, representing $162.8 million of value, net of the present value of $29.2 million in estimated tax benefits. Based in Cincinnati, Ohio, Queen City Hospice currently serves an average daily census of approximately 900 patients across the state of Ohio. \nDirk Allison, President and Chief Executive Officer of Addus HomeCare Corporation, commented, \"We are very pleased to complete the purchase of Queen City Hospice, a leading provider of hospice services in the state of Ohio. This acquisition further advances our strategy of providing hospice and home health care in markets where we already have a significant personal care presence. With this acquisition, Ohio becomes the second state where we have the capability to provide all three levels of home care. We are delighted to welcome the experienced operational leadership team and a clinical staff of over 600 dedicated employees associated with Queen City Hospice to the Addus family. We share a common culture focused on compassionate, patient-centered care, and we look forward to a smooth integration of our operations. Importantly, we expect this transaction to be immediately accretive to our financial results.\n\"On December 1, 2020, we also completed the acquisition of SunLife Home Care, a personal care provider located in Tucson, Arizona, with approximately $2.6 million in annualized revenue. We are pleased to add the employees associated with SunLife Home Care to our existing Arizona operations and further expand our market presence. We have now completed four acquisitions in 2020, despite the challenges and disruptions related to the COVID-19 pandemic. Our development team has done an outstanding job in executing our acquisition strategy, adding total acquired annualized revenues of approximately $85 million to date this year. With a strong acquisition pipeline and a solid financial position to s...