FRISCO, Texas–(BUSINESS WIRE)–Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, announced that yesterday it completed the acquisition of substantially all the assets of JourneyCare, Inc. for a cash purchase price of approximately $85 million, after customary purchase price adjustments. Based in Glenview, Illinois, JourneyCare serves an average daily adult census of approximately 750 patients in a surrounding 13 county territory.
Commenting on the announcement, Dirk Allison, Chairman and Chief Executive Officer of Addus HomeCare Corporation, stated, “Completing the purchase of JourneyCare’s hospice operations is an exciting step for Addus. As we’ve discussed, JourneyCare is a leading provider of hospice care with a long history of serving the greater Chicago area. We already have a strong market presence in Illinois, and this acquisition enables us to provide all three levels of home care in Illinois, consistent with our broader growth strategy. We are delighted to welcome the operations team and clinical staff of over 500 dedicated employees to the Addus family. We now have an opportunity to leverage our combined expertise along with a shared commitment to providing compassionate, patient-centered care, and we look forward to an efficient integration of JourneyCare’s operations.
“Looking ahead in 2022, Addus will continue its strategic focus on acquisitions that meet our strategic criteria and complement our strong organic growth opportunities. We continue to have a solid pipeline of potential acquisitions and the financial flexibility to support our growth and further enhance our competitive position,” added Allison.
Addus funded the acquisition through a combination of cash on hand and the Company’s revolving credit facility.
About Addus HomeCare
Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare’s consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare’s payor clients include federal, state and local governmental agencies, managed care organizations, commercial insurers and private individuals. Addus HomeCare currently provides home care services to approximately 45,000 consumers through 209 locations across 22 states. For more information, please visit www.addus.com.
