Business
Addus HomeCare Establishes Significant Illinois Hospice Presence With Agreement to Acquire JourneyCare Operations
Company Adds Significant Hospice Presence in Illinois with Annual Revenues of Approximately $55 Million and Census of Approximately 750 Patients FRISCO,
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nCompany Adds Significant Hospice Presence in Illinois with Annual Revenues of Approximately $55 Million and Census of Approximately 750 Patients\n\n FRISCO, Texas & GLENVIEW, Ill.--(BUSINESS WIRE)--\nAddus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, and JourneyCare, Inc. (JourneyCare), one of the largest hospice and palliative care providers in Illinois, today jointly announced the execution of a definitive agreement under which Addus will acquire substantially all the assets of JourneyCare, for an anticipated purchase price, after customary purchase price adjustments, of approximately $85 million. Based in Glenview, Illinois, JourneyCare serves an average daily adult census of approximately 750 patients in a surrounding 13 county territory. The parties expect to close the transaction on or about February 1, 2022, following completion of all required regulatory approvals, subject to customary closing conditions. Addus will fund the acquisition through a combination of cash on hand and the Company’s revolving credit facility.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220105005337/en/\nCommenting on the announcement, Dirk Allison, Chairman and Chief Executive Officer of Addus HomeCare Corporation, stated, “JourneyCare has a long, rich history as a not-for-profit hospice care provider in the Chicago area. Addus will leverage our scale and expertise to provide best-in-class hospice services. With the recent addition of Summit Home Health, the proposed acquisition of JourneyCare will mark the achievement of our goal to own and operate all three levels of home care in Illinois. We anticipate the acquisition to be nominally accretive during the first twelve months as we work through the integration of the acquisition into our standard operating model.\n\n“We believe JourneyCare will be an ideal addition for Addus with an established market presence and excellent reputation for quality care. We look forward to expanding our market reach in Illinois and offering patient-centered hospice services to more individuals who will benefit from compassionate care in their homes.”\n\nKimberly Hobson, President and Chief Executive Officer of JourneyCare, added, “We very carefully selected Addus to carry forward the JourneyCare clinical operations, and ...