Business
Addus HomeCare Completes Acquisition of Personal Care Operations of Gentiva
Company Adds Annualized Revenues of Approximately $280 Million in Seven States and Enters Texas as the State’s Largest Personal Care Provider FRISCO,
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nCompany Adds Annualized Revenues of Approximately $280 Million in Seven States and Enters Texas as the State’s Largest Personal Care Provider\n\n\n FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, today announced it has completed the acquisition of the personal care operations of Gentiva, which serve over 16,000 consumers per day in a seven-state service area of Arizona, Arkansas, California, Missouri, North Carolina, Tennessee and Texas. Addus funded the acquisition through a combination of cash on hand representing a portion of the proceeds of the Company’s recent public offering of common stock and its existing revolving credit facility.\n\n\nCommenting on the announcement, Dirk Allison, Chairman and Chief Executive Officer of Addus, stated, “We are excited to add the personal care operations of Gentiva, which will significantly expand our market coverage in seven states, including the new markets of Texas and Missouri. Notably, we will now be the largest provider of personal care services in the state of Texas. We welcome Gentiva’s experienced personal care operational leadership and caregivers to the Addus family. With our shared experience and expertise, we are well positioned to leverage the strength of the combined operations and provide more consumers and their families with safe, cost-effective care in the preferred home setting. Our respective transition teams have been working together over the past six months to facilitate the integration of these operations.\n\n\n“This important acquisition aligns with our strategy to build scale in existing markets as well as enter select new markets where we can immediately establish a significant personal care presence. Importantly, we also expect this transaction to be accretive to our financial results, adding annualized revenues of approximately $280 million. Going forward, we will continue to pursue additional acquisitions that meet our criteria and complement our organic growth initiatives. We have the capital structure and financial flexibility to support our growth strategy in 2025 and beyond,” added Allison.\n\n\nForward-Looking Statements\n\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...