MissionIR News – AdCare Health Systems Announces Acquisition of Skilled Nursing and Assisted Living Center for $12.5 Million
Atlanta, GA (PRWEB) January 04, 2012
MissionIR would like to highlight AdCare Health Systems, Inc. (NYSE Amex: ADK). AdCare Health Systems is an expanding national leader in the development, ownership, and management of assisted living facilities, skilled nursing and retirement communities. The company’s 3,600 employees provide high-quality care for patients and residents residing in the 44 facilities that it operates.
In the companys news yesterday,
AdCare Health Systems announced the completion of the previously announced agreement to purchase a skilled nursing and assisted living community in Ohio. The final purchase price totaled $ 12.5 million, $ 1.0 million less than the initial purchase agreement.
The community has 179 beds in service and generates approximately $ 12 million in gross annualized revenues according to its most recent financials. The addition of this skilled nursing and assisted living center is expected to be immediately accretive to AdCares earnings.
This transaction brings the total number of facilities AdCares purchased, leased, or managed to 44 facilities since its M&A campaign began in the fall of 2009, with more than 3,900 beds in service.
The company told investors that it intends to continue pursuing an aggressive M&A program. Combining its current annualized run-rate with transactions in the process of closing, AdCares estimated annualized revenue run-rate is expected to exceed $ 300 million. This would represent an increase of more than 460% over the companys revenues in 2010, and an increase of more than 11 times revenues since initiating its M&A campaign in the fall of 2009.
After expanding our operations to Alabama, Arkansas, Georgia, North Carolina and Oklahoma, with this acquisition weve built upon our home base in Ohio, stated Chris Brogdon, AdCares vice chairman and chief acquisitions officer. These new facilities will leverage the professional support staff weve long maintained in the state, as well as enhance our overall economies of scale.
Were continuing to evaluate a number of attractive opportunities in the Midwest, as well as in the Southwest and Southeast with our M&A program and the integration of new facilities remaining our primary focus going forward, continued Brogdon.
Boyd P. Gentry, AdCares president and chief executive officer, stated, Our strategy of acquiring skilled nursing facilities is proving highly successful, not only in our closing rate and terms, but especially in our post-acquisition performance. We have been targeting facilities that have not traditionally concentrated on providing post-acute services, and then once acquired, we increase Medicare census and occupancy, as well as optimize reimbursement and patient care.
Historically, it takes our operations team a year to 15 months to fully harvest this opportunity in an individual facility, added Boyd. This means we still have optimization opportunities in our current portfolio, and significant upside exists in our pending acquisition pipeline.
AdCare finished last year with 29 new facilities placed under contract, and the acquisition of 18 facilities completed. The company expects to complete the acquisition of at least 20 more in the next three months, including five facilities in Oklahoma and the companys largest transaction to-date of 15 facilities across the Southeast.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company’s actual results to differ materially from those indicated in any forward-looking statements.
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Categories: Retirement Services Tags: $12.5, Acquisition, AdCare, Announces, Assisted, Center, health, Living, million, MissionIR, News, Nursing, Skilled, Systems
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A special report on the cost of retirement systems for state and county employees in Massachusetts. January, 1911
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Retired Air Force General Appointed V.P. of Military Systems Division of Dentrust Dental International
Retired Air Force General Appointed V.P. of Military Systems Division of Dentrust Dental International
Pipersville, PA (PRWEB) March 10, 2007
Retired Brigadier General Thomas S. Bailey, Jr. was appointed Vice President of the Military Systems Division of Dentrust Dental International. General Bailey will be responsible for overseeing health and dental solutions for military personnel.
After becoming a Doctor of Dental Surgery at Baylor University in 1973, General Bailey provided dental care at bases in Germany, Turkey, Saudi Arabia and across the US. He is a member of the American Dental Association and the Academy of General Dentistry.
Before retiring from the military in 2006, General Bailey advised the Air Force Material Command (AFMC) on the health and physical well-being of personnel. He ensured wartime readiness and combat support capability for more than 7,000 medical personnel and oversaw peacetime health care for more than 435,000 beneficiaries.
“This addition to our team will bring Dentrust to a new level of military expertise,” says Larry Caplin, founder of Dentrust. “We can continue to bring the best dental care to the men and women who serve our country. We are proud and pleased that General Bailey has chosen to join us.”
About Dentrust Dental
Dentrust Dental International is one of the largest, private oral health care institutions in the country. The company has licensed oral health care professionals managing programs for governmental institutions throughout the United States. Dentrust Dental has more than 40 years of experience managing oral health services for organizations such as the Department of Defense, Immigration and Naturalization Service, U. S. Marshals Service, Public School Systems, New York Foundling Hospital System, the Office of Children and Family Services for the State of New York, and the adult and juvenile correctional facilities throughout the United States. Dentrust Dental is currently constructing a state-of-the-art dental facility at Buckley Air Force Base in Colorado and providing oral health care to the Armed Forces Retirement Home in Washington, DC.
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