Addus HomeCare Corporation, a provider of home care services, announces the acquisition of Apple Home Healthcare LTD. Based in Chicago, Apple serves an average daily adult census of approximately 450 patients in an 11-county metro area in and around Chicago, with annual revenues of approximately $10 million. Founded 25 years ago, Apple offers home health services for patients recovering from acute illnesses and procedures.
Commenting on the announcement, Dirk Allison, Chairman and Chief Executive Officer of Addus HomeCare Corporation, stated, “We are pleased to announce the addition of Apple to our expanding operations in the greater Chicago area, one of our largest markets. This acquisition is commensurate with our growth strategy to leverage our strong personal care presence and add clinical services. Together with our recent acquisitions of the operations of Summit Home Health and JourneyCare hospice services in the greater Chicago area, we have expanded our market coverage in both segments of clinical care. We are excited to leverage the strength of our combined operations and support more patients and families in this market.
“Importantly, Apple shares our mission with a long history of providing high-quality care by promoting the safe and cost-effective administration of home healthcare services. We are continuing to identify similar strategic acquisitions that fit our mission and strategy. We have a proven record of creating value from our acquired operations and extending our market reach in key markets. We have a capital structure that supports our ability to extend this record of growth, and we look forward to the additional opportunities ahead for Addus,” added Allison.
Addus funded the acquisition through a combination of cash on hand and the Company’s revolving credit facility and is expected to be immediately accretive to financial results.
[Source(s): Addus HomeCare, Business Wire]