“We’re excited about the opportunity,” said David Tenwick, chairman of AdCare’s board of directors. Eaglewood “is well run and we just want to continue to grow the facility.”
Officials for Eaglewood were unavailable for comment, but Tenwick said that there would be no changes in staff or service at the facility.
The acquisition adds more than 170 beds and $12 million in revenue to AdCare’s line up, according to a press release. The company currently owns, leases or manages 44 facilities in nine states, 18 of which are in Ohio.
“We started in Springfield and we’re looking for more buildings in Ohio,” Tenwick said.
This marks a change since the company started acquiring homes in the southern part of the company in 2010. The growth is part of a company plan started in 2006, when the company went public to gain the capital needed to start growing.
“It’s based on a plan to continue to increase revenue through acquisitions,” Tenwick said.
AdCare’s revenues in the third quarter of 2011 were at $40.9 million — up 17 percent from second quarter 2011 and up 208 percent from the same quarter in 2010 according to a company report.
Contact this reporter at (937) 328-0371 or emason@coxohio.com.
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