Business
Addus HomeCare Signs Definitive Agreement To Acquire Armada Skilled Home Health and Hospice in New Mexico
Strengthens Company’s Market Presence in New Mexico FRISCO, Texas--(BUSINESS WIRE)-- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nStrengthens Company’s Market Presence in New Mexico \n\n FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced the signing of a definitive agreement to acquire Armada Skilled Home Health of New Mexico, LLC, Armada Hospice of New Mexico, LLC and Armada Hospice of Santa Fe, LLC, (“Armada”) for a cash purchase price of approximately $29.0 million. Based in Albuquerque, New Mexico, Armada currently serves an average daily census of approximately 1,100 patients for home health services and 100 patients for hospice care, with primary coverage across Bernalillo County and surrounding counties. Addus expects to close the transaction on or about August 1, 2021, following completion of all required regulatory approvals, subject to customary closing conditions.\n\nDirk Allison, Chairman and Chief Executive Officer of Addus HomeCare Corporation, commented, “We believe this acquisition is a great strategic fit for Addus, and we are very pleased to reach an agreement with Armada to expand our market coverage in New Mexico, which is an important and growing market for Addus. This proposed acquisition follows our strategy to grow our clinical services offering in home health and enhances our ability to provide all three levels of home care in New Mexico. We will also benefit from the additional opportunities to provide quality hospice services to more patients. We look forward to working with the experienced operational leadership team and clinical staff at Armada, who share our mission to provide quality, patient-centered care in the home.\n\n“Armada has annualized revenues of approximately $23.0 million, and we expect this transaction to be immediately accretive to our financial results,” said Allison.\n\nChris Tapia, Chief Executive Officer of Armada, commented, “We believe this proposed acquisition will benefit everyone associated with Armada, especially the patients we serve. Addus has an excellent reputation in our market area, and we look forward to joining the Addus family. We share the same dedication to providing quality home health care services and premium end-of-life care that supports both patients and families. We are excited to leverage the strength of our combined operations.”\n\nAllison added, “Acquisitions continue to be an integral part of our growth ...