Seller: Options Home Care
Addus HomeCare acquired Options Services in the home health business for $23 million, or 1.2X revenues.
Addus Homecare (Nasaq: ADUS) is buying a personal care services provider with a sizable footprint in New Mexico.
Addus announced Thursday it signed a definitive agreement to purchase Options Home Care, a provider of personal care services in 20 counties in New Mexico and a wholly-owned subsidiary of HB Management Group. Options Home Care has annual revenues of over $20 million, Addus said. The acquisition is expected to close in the third quarter of this year.
“We are pleased to announce our continued expansion in the state of New Mexico with a strong local provider like Options Home Care,” Addus President and CEO Dirk Allison said in a press release. “This transaction will complement our existing caregiver network in New Mexico, helping ensure that we can continue to deliver high-quality home-based personal care services to families across the state.” The deal’s financial terms weren’t disclosed.
This isn’t the first time Addus has beefed up its presence in New Mexico. The company acquired all of the assets of the state’s Coordinated Home Health Care in 2013.