AdCare's $85M sale finalized
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AdCare CEO David Hillis, Sr.
A Tennessee addiction treatment practice has finalized its $85-million acquisition of Worcester addiction treatment providers AdCare.
AAC Holdings, which operates American Addiction Centers’ 20 locations throughout the country, announced the closing of the transaction last week. The sale agreement was announced in September.
AdCare’s nine locations in Massachusetts and Rhode Island -- including a 114-bed hospital in Worcester -- will join forces with AAC, which already had a small presence in New England, operating Clinical Services in Rhode Island’s three locations.
Michael Cartwright, chairman and CEO of AAC, said the acquisition continues the company’s strategy of diversifying its payor, region and treatment types.
"We look forward to adding AdCare's seasoned management team and dedicated employees to the AAC family and expanding our footprint in the Northeast, in order to build upon AdCare's over 30 years of exceptional clinical care and change the lives of those who seek our help,” he said.
In a statement, AdCare CEO David Hillis, Sr. called AAC the ideal partner to tackle the opioid epidemic rattling the region.
The state saw opioid overdose deaths decline for the first time since 2010 last year, but there were still an estimated 1,977 that died from an opioid overdose, according to the state Department of Public Health.
In Worcester County, overdose deaths rose by more than 400 percent (from 51 to 260) from 2004 to 2016, the last year for which county data was available.
“The opioid crisis in the Northeast continues to worsen, and there is an increasing need to deliver best in class treatment in in a variety of locations, types of treatments and payors,” Hillis said. “AAC's national reputation and financial and operational strength will allow our team to extend the number of patients we can serve."
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