AdCare (ADK) to Acquire 3 Skilled Nursing Facilities for $27.3M
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AdCare Health Systems, Inc. (AMEX: ADK), has signed a definitive purchase agreement for three skilled nursing facilities in Arkansas for $27.3 million.
The facilities have an aggregate of 439 beds and generate an estimated $22.2 million in gross annualized revenues according to their most recent financials. The acquisition is anticipated to be completed in the first quarter of 2012. AdCare plans to finance the acquisition of the facilities with a traditional bank loan.
Combining the company's current annualized run-rate with transactions in the process of closing, AdCare's estimated annualized revenue run-rate is expected to exceed $322 million. This would represent an increase of more than 500% over the company's revenues in 2010, and an increase of more than 12 times revenues since initiating its M&A campaign in the fall of 2009.
The facilities have an aggregate of 439 beds and generate an estimated $22.2 million in gross annualized revenues according to their most recent financials. The acquisition is anticipated to be completed in the first quarter of 2012. AdCare plans to finance the acquisition of the facilities with a traditional bank loan.
Combining the company's current annualized run-rate with transactions in the process of closing, AdCare's estimated annualized revenue run-rate is expected to exceed $322 million. This would represent an increase of more than 500% over the company's revenues in 2010, and an increase of more than 12 times revenues since initiating its M&A campaign in the fall of 2009.
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