SPRINGFIELD — AdCare Health Systems Inc. was exclusively an Ohio company until March of last year.
Now, the Springfield-based nursing home developer has purchased, leased or is working on a contract for 53 nursing homes in nine states, said David Tenwick, chairman of AdCare board of directors.
“We’re still probably the biggest secret in Springfield, not too many people know about us,” Tenwick said.
AdCare owns, leases or manages 17 facilities in Ohio, including in Springfield, Urbana, Xenia and Dayton.
The rapid growth is part of a company plan started in 2006 when AdCare went public.
“They’re continuing to expand and grow the company, which provides more opportunity for investors,” said Andy Wade, vice president of assisted living and home health services.
The company went public in 2006 in order to raise capital and get enough currency from stocks to start purchasing nursing homes, Tenwick said.
“A growth strategy was designed to take advantage of the aging of America demographics, especially in the southeastern United States,” Tenwick said in a letter to shareholders in 2010.