Almost Family Expands Into Wisconsin
Historically acquisitive Almost Family, Inc. (Nasdaq: AFAM) has entered a new market: Wisconsin.
The Louisville, Kentucky-based home health and nursing services giant has acquired certain home health agency assets from ResCare Inc., the company announced Wednesday. Terms of the transaction, which is expected to close in 30 to 60 days, were not disclosed.
These ResCare assets, spread across eight branches in Wisconsin, are expected to bring in annualized revenues of $15 million, mainly from personal care services, Almost Family said in a press release.
The ResCare transaction also includes home health agency assets in additional states where Almost Family currently operates. Presently, the states where Almost Family operates include Florida, Tennessee, New York, Ohio, Connecticut, New Jersey, Massachusetts, Kentucky, Georgia, Pennsylvania, Indiana, Missouri, Illinois, Mississippi and Alabama.
With the most recent purchase of the ResCare assets, Almost Family will operate about 240 branch locations in 16 U.S. states. The company is still seeking opportunities for the purchase of home health and personal care agencies that fit the company’s geographic, service line, quality and value criteria, it said in a press release.
Almost Family posted record net service revenues of approximately $532 million for the fiscal year 2015, which was also the most acquisitive in company history.
Written by Mary Kate Nelson