Blog Coverage: Addus HomeCare Expands its Presence in New Mexico with Acquisition of Options Home Care
Upcoming AWS Coverage on Chemed Post-Earnings Results
LONDON, UK / ACCESSWIRE / May 5, 2017 / Active Wall St. blog coverage looks at the headline from Addus HomeCare Corp. (NASDAQ: ADUS) as the Company announced on May 04, 2017, the acquisition of Options Home Care as a part of its business strategy. Options Home Care is a wholly-owned subsidiary of HB Management Group and is one of the largest home-based personal care providers in New Mexico. Register with us now for your free membership and blog access at:
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One of Addus HomeCare's competitors within the Home Health Care space, Chemed Corp. (NYSE: CHE), reported on April 27, 2017, its financial results for Q1 ended March 31, 2017. AWS will be initiating a research report on Chemed in the coming days.
Today, AWS is promoting its blog coverage on ADUS; touching on CHE. Get all of our free blog coverage and more by clicking on the link below:
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Commenting on the acquisition of Options Home Care, Dirk Allison, President and CEO of Addus said:
"Consistent with our previously announced acquisition strategy, we are pleased to announce our continued expansion in the state of New Mexico with a strong local provider like Options Home Care. 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."
Brad Brandt, President of HB Management Group added:
"Addus is a respected leader in providing personal care services and the right Company to continue our legacy of providing high quality, personalized service to our customers."
The deal
The financial details and other terms and conditions of the transaction have not been disclosed by any of the Companies. The deal is expected to close in Q3 2017 subject to approvals from New Mexico state regulators as well as fulfillment of other closing conditions.
Addus is working closely with the management of Options Home Care and the state officials in New Mexico to ensure that the transition happens smoothly without distressing the customers and their caregivers.
The acquisition will help Addus to strengthen and expand its operations in New Mexico.
About Options Home Care
Options Home Care is a wholly-owned subsidiary of Denver, Colorado based HB Management Group, Inc. It was founded in 2000 in Northern New Mexico and provides in-home care to the elderly and disabled population. Options Home Care has presence on 21 of the 38 Counties in New Mexico and provides care to over 1,000 clients. The Company maintains a Quality Department at the Denver corporate office to ensure that quality care is being provided to all clients and also monitor all reports of client incidents which include, but are not limited to, client complaints, allegations of abuse, neglect or exploitation, home visits, and health related issues. The Company employs reputable, qualified, and compassionate Caregivers, who are experienced and well trained to provide the best in-home care services to its customers.
The annual revenues earned by Options Home Care exceed $20 million.
About Addus
Frisco, Texas based Addus started as a home cleaning service in 1979. It was contracted by the city of Chicago to provide chore services to the city's at-risk elderly population. It was later on named National Home Care Services as the Company expanded its services to offer home care contracts in different states. The Company diversified and expanded its services and took on the name of Addus HomeCare in 1996. At present Addus has over 300 home care contracts spread across the country and provides health care services to over 33,000 consumers on a weekly basis. It has over 110 offices in 22 states.
Addus has taken the acquisitions route to grow as a part of its business strategy. In the past, Addus had acquired New York based South Shore Home Health Services, Inc. in February 2016. In November 2015, Addus acquired Woodbridge, Virginia based Five Points Healthcare of Virginia, LLC. In January 2015, Addus acquired Cleveland, Ohio based Priority Home Health Care, Inc.
Stock Performance
At the closing bell, on Thursday, May 04, 2017, Addus HomeCare's stock climbed 4.05%, ending the trading session at $36.00. A total volume of 43.65 thousand shares were traded at the end of the day. In the last six months and previous twelve months, shares of the Company have surged 43.71% and 98.13%, respectively. Shares of the company have a PE ratio of 34.99 and currently have a market cap of $414.00 million.
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