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Updated: 10:29 p.m. Friday, Aug. 19, 2011 | Posted: 10:28 p.m. Friday, Aug. 19, 2011
By Everdeen Mason
Staff Writer
SPRINGFIELD — AdCare Health Systems Inc. is looking to make its first acquisition in Ohio since its expansion that began in March 2010.
The Springfield-based nursing home developer has signed an agreement to purchase an Ohio nursing and assisted living facility for $13.5 million. The exact location of the acquisition has not been released.
“It means a lot because this is the first acquisition we’ve made in Ohio since we started the expansion,” said David Tenwick, chairman of AdCare board of directors. “This is where we started 20 years ago.”
AdCare — which owns, leases or manages 17 facilities in Ohio, including Springfield, Urbana, Dayton and Xenia — created the expansion plan in 2006 as a way to “take advantage of the aging of America demographics, especially in the southeastern United States,” Tenwick said in a letter to shareholders in 2010.
Since March, AdCare has purchased, leased or is working on a contract for 53 nursing homes in nine states.
Tenwick said he expects the company to close the Ohio deal at the end of the year. The addition of this facility will add 193 beds and $12 million in revenue to AdCare.
Contact this reporter at (937) 328-0371 or emason@coxohio.com.
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