Business
Addus HomeCare Signs Definitive Agreement To Acquire Queen City Hospice, LLC And Affiliate
Ohio Business Provides Hospice Services through Three Locations Producing Annualized Revenue of Approximately $56 Million FRISCO, Texas, Nov. 11, 2020
About this update from Addus Homecare Corporation
[{"type":"text","content":"Ohio Business Provides Hospice Services through Three Locations Producing Annualized Revenue of Approximately $56 Million\n\n\nFRISCO, Texas, Nov. 11, 2020 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced the signing of a definitive agreement to acquire 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, including patients in the Cincinnati, Columbus, and Dayton markets. Addus expects to close the transaction 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.\nDirk Allison, President and Chief Executive Officer of Addus HomeCare Corporation, commented, \"We are very pleased to announce our agreement to acquire Queen City Hospice, a leading provider of hospice services in the state of Ohio. This proposed acquisition is aligned with 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 excited to have this opportunity to combine a well-respected and growing hospice operation like Queen City Hospice with our existing operations. \n\"We look forward to working with the experienced operational leadership team at Queen City Hospice and its clinical staff of over 600 employees. Importantly, we share the same dedication to patient-centered hospice services that allow consumers to receive quality, compassionate care in their homes. We believe this acquisition is a great strategic fit for Addus, and we look forward to the additional opportunities for growth through our combined operations. Queen City Hospice has annualized revenues of approximately $56 million, and we expect this transaction to be immediately accretive to our financial results,\" said Allison. \nJames Vannelle, Ch...