AdCare Health Systems Inc. is a firm involved in senior living and health care facility management. The company develops, owns and manages assisted living facilities, nursing homes and retirement communities, as well as provides home health care services.
The company announced today that it has closed the previously announced acquisition of a skilled nursing facility in College Park, Georgia. The addition of this facility completes the three acquisitions AdCare announced previously in Georgia for an aggregate price of $18 million. The three facilities have an aggregate 335 beds that generate an estimated $16.4 million in annualized revenue. Their addition is anticipated to be immediately accretive to AdCare’s earnings.
Combined with other transactions announced and in the process of closing, AdCare’s estimated annualized revenue run-rate is expected to exceed $175 million. This would represent an increase of more than 229 percent over the company’s revenues in 2010. It would also represent an increase of more than 555 percent over revenues in 2009 when AdCare initiated its current mergers & acquisitions campaign.
The acquisition of the College Park facility, along with the two in Dublin and Marietta, Georgia, are among the 20 facilities AdCare has purchased or leased since it began its mergers & acquisitions program in the fall of 2009. The company is also considering a number of attractive opportunities around its home base in the Midwest. Its CEO Chris Brogdon said its M&A program will continue “to be a major focus for us in 2011”.
For more information on AdCare Health Systems, please visit its website at www.adcarehealth.com