Addus HomeCare Completes Purchase of VIP Health Care Services
FRISCO, Texas, June 3, 2019 /PRNewswire/ — Addus HomeCare Corporation (NASDAQ: ADUS), a provider of complete home care offerings, today announced that it had finished the purchase of the property of VIP Health Care Services, a provider of home care services, based in Richmond Hill, New York, powerful June 1, 2019. VIP Health Care Services currently serves approximately 1,250 consumers in all five boroughs of New York City and surrounding counties. Addus funded the acquisition rate of $28.0 million (internet of excess coins) thru the not on time draw period mortgage part of the Company’s credit score facility and coins on hand.
Dirk Allison, President and Chief Executive Officer of Addus, commented, “We are very excited that the group at VIP Health Care Services can be joining the Addus enterprise. This acquisition is an essential step to further our strategy of improving operations in key marketplace regions with a robust presence. VIP Health Care Services offers private care coverage in the New York City vicinity that enhances our South Shore operations on Long Island. With annualized revenues of approximately $50.Zero million, we can have blended revenues of over $110.0 million in New York, already considered one of our largest markets. Additionally, with over 1,500 caregivers working from six places in the New York metropolitan location, we sit up for the potential growth opportunities in this important place.
“Now that we have completed the acquisition of VIP Health Care Services, our improvement team is persevering with to work on figuring out different capacity acquisition targets, and our pipeline remains strong. We will stay centered on possibilities to decorate our carrier providing and in addition enlarge our marketplace attain. With a strong economic role and good-sized cash flow from operations, we believe we are properly positioned to fund and execute additional accretive acquisitions at some point in 2019,” stated Mr. Allison.
Daniel Appel, Senior Vice President of VIP Health Care Services, stated, “We are excited to be combining VIP Health Care Services with Addus HomeCare’s South Shore operations. We consider the resulting commercial enterprise, with over 3,000 caregivers and a couple of locations at some point of the southern New York vicinity, will be a marketplace leader with elevated capability to supply the equal excessive excellent services that VIP Health Care Services and South Shore have supplied for many years.”
Certain subjects discussed in this press launch represent forward-searching statements in that means of the Private Securities Litigation Reform Act of 1995. Such ahead-searching statements may be identified through phrases including “keep,” “count on,” and similar expressions. These forward-looking statements are primarily based on our cutting-
edge expectancies and ideals regarding future trends and their ability effect on us. Forward-looking statements contain a number of risks and uncertainties that may reason actual results to differ materially from the ones expressed or implied by such ahead-searching statements, which include discretionary determinations by using authorities officials, the consummation and integration of acquisitions, predicted transition to controlled care companies, our ability to effectively execute our increase strategy, sudden increases in SG&A and different
fees, expected benefits and sudden costs of acquisitions and tendencies, management plans related to dispositions, the opportunity that predicted benefits won’t materialize as expected, the failure of the business to perform as anticipated, modifications in reimbursement, changes in authorities
policies, modifications in Addus HomeCare’s relationships with referral resources, extended opposition for Addus HomeCare’s services, adjustments within the interpretation of government guidelines, the uncertainty concerning the final results of discussions with controlled care corporations, changes in tax fees, the effect of detrimental weather, better than expected prices, decrease than predicted cost financial savings, estimation inaccuracies in future sales, margins, profits and increase, whether or not any due receipt of payments will materialize and other dangers set forth in the Risk Factors segment in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2019, that’s to be had at www.Sec.Gov. Addus
HomeCare undertakes no obligation to replace or revise any ahead-looking statements, whether as a result of new records, future events, or in any other case. In addition, these forward-looking statements necessarily rely upon assumptions, estimates, and dates that may be incorrect or obscure and contain known and unknown dangers, uncertainties, and other factors. Accordingly, any forward-looking statements included on this press launch do now not purport to be predictions of future events or instances and might not be realized.