Addus HomeCare completes VIP Health Care purchase, says looking for more deals
Addus HomeCare announced that it has completed the purchase of the assets of VIP Health Care Services, a provider of home care services, headquartered in Richmond Hill, New York, effective June 1. Dirk Allison, President and CEO of Addus, said, "We are very excited that the team at VIP Health Care Services will be joining the Addus organization. This acquisition is an important step to further our strategy of enhancing operations in key market areas where we already have a strong presence. VIP Health Care Services provides personal care coverage throughout the New York City area that complements our South Shore operations on Long Island. With annualized revenues of approximately $50.0 million, we will have combined revenues of over $110.0M in New York, which is already one of our largest markets. Additionally, with over 1,500 caregivers operating from six locations in the New York metropolitan area, we look forward to the potential growth opportunities in this important region. Now that we have completed the purchase of VIP Health Care Services, our development team is continuing to work on identifying other potential acquisition targets, and our pipeline remains strong. We will remain focused on opportunities that will enhance our service offering and further extend our market reach. With a strong financial position and substantial cash flow from operations, we believe we are well positioned to fund and execute additional accretive acquisitions during 2019."