Community health firm expands into Worcester
Youtube
Company officials are shown during a ceremony marking the company's listing on the NYSE.
Civitas Solutions of Boston has acquired Worcester’s Renaissance Adult Day Care center in a three-center deal as the firm looks to grow in Central Massachusetts.
The deal that closed on Feb. 1 also included two other Adult Day Health (ADH) centers in Brighton -- the Dacha and Winter Gardens -- in addition to the 1040 Southbridge St. Worcester location. The three sites provide person-centered day services to elders, including medication management and nutritional and nursing support, according to Civitas.
The three centers have the capacity to serve 410 people, with the Worcester center not yet running at capacity. Civitas generated revenues of approximately $8.7 million for the 12-month period prior to the acquisition.
The Worcester location gives the organization entry into the ADH market in New England’s second largest city and provides a “platform from which we can grow -- both organically and through selective acquisitions," according to a statement from Bruce Nardella, president and CEO of Civitas Solutions.
“The ADH market is large, growing, highly-fragmented, and a great complement to our network of high-quality and cost-effective community-based services,” he said.
Civitas was founded in 1980 and provides services to individuals with intellectual, developmental, physical or behavioral disabilities and other special needs. The company entered the $6.2 billion ADH market with its September 2014 acquisition of the Mass Adult Day Health Alliance. With the acquisition of these three additional ADH centers, Civitas is now operating 11 centers in Massachusetts, including two de novo centers opened in 2014, and serves approximately 1,900 elders. In addition, two new centers are currently under construction in Brockton and Malden with target opening dates in the fourth quarter of fiscal 2016.
WBJ Web Partners
Most Recent
Most Recent
0 Comments