Springfield-based AdCare expands

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By Kelly Mori, Staff Writer Updated 10:38 AM Friday, March 12, 2010

SPRINGFIELD — Springfield-based AdCare Health Systems Inc. has reached a purchasing agreement to acquire two Alabama nursing homes for $18 million.

AdCare, which owns and/or operates nursing homes and assisted living services in 13 Ohio locations is making its first out-of-state acquisition – part of the company’s long range plan when it went public at the end of 2006, said President and CEO Gary Wade.

“The plan then was to go public ... hoping to have enough capital for expansion,” Wade said. The move fell short that first year but a profitable 2009 allowed the $26 to $28 million company to do a private placement bringing in another $2 million in investments and the capital to make the acquisition, he said.

The company is looking for other opportunities as well, Wade said.

“We’d have to make sure it’s a good opportunity for us,” he said. “We’re doing our due diligence.”

The move could bring two more jobs to the accounting department of the Springfield’s corporate office which employs 30, he said.

Contact this reporter at (937) 328-0347 or kmori@coxohio.com.

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