Business
Addus HomeCare Completes Acquisition of Summit Home Health, LLC in Chicago
Adds Clinical Services to Company’s Largest Market in Illinois FRISCO, Texas--(BUSINESS WIRE)-- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nAdds Clinical Services to Company’s Largest Market in Illinois\n\n FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced the acquisition of Summit Home Health, LLC (“Summit”), effective October 1, 2021. The Company funded the transaction with cash on hand. Based in Bolingbrook, Illinois, a suburb of Chicago, Summit currently serves an average daily census of approximately 240 patients for skilled home health services, with primary coverage in the 14 counties in and around Chicago. Summit currently has annualized revenues of approximately $7.0 million.\n\nDirk Allison, Chairman and Chief Executive Officer of Addus HomeCare Corporation, commented, “We have continued to execute our acquisition strategy in 2021, and we are pleased to welcome Summit as the latest addition to the Addus family. This acquisition advances our goal of adding clinical services in geographic markets where Addus currently has a strong personal care presence and opens further opportunities in value-based care. The greater Chicago area is already one of our largest personal care markets, and we look forward to utilizing the operational base from Summit to expand to other service areas in Illinois. We believe we will realize revenue synergies as we add Summit’s operational leaders and clinical staff to our existing team. Our combined operations will focus on providing quality, patient-centered care in the home to more consumers in Illinois.”\n\nAllison added, “As we have already demonstrated, Addus will continue its strategic focus on acquisitions that will be accretive to our business and complement our strong organic growth opportunities. We continue to have a solid pipeline of potential acquisitions and the financial flexibility to close additional strategic acquisitions and further strengthen our competitive position.”\n\nForward-Looking Statements\n\nCertain 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 “preliminary,” “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. F...