JourneyCare acquired by Addus Homecare

Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, announced that it completed the acquisition of substantially all the assets of JourneyCare, Inc. (JourneyCare) for a cash purchase price of approximately $85 million, after customary purchase price adjustments. Based in Glenview, Illinois, JourneyCare serves an average daily adult census of approximately 750 patients in a surrounding 13 county territory.

The Braff Group originated the transaction and served as the exclusive mergers and acquisitions advisor to JourneyCare.

Commenting on the announcement, Dirk Allison, Chairman and Chief Executive Officer of Addus HomeCare Corporation, stated, “Completing the purchase of JourneyCare’s hospice operations is an exciting step for Addus. As we’ve discussed, JourneyCare is a leading provider of hospice care with a long history of serving the greater Chicago area. We already have a strong market presence in Illinois, and this acquisition enables us to provide all three levels of home care in Illinois, consistent with our broader growth strategy. We are delighted to welcome the operations team and clinical staff of over 500 dedicated employees to the Addus family. We now have an opportunity to leverage our combined expertise along with a shared commitment to providing compassionate, patient-centered care, and we look forward to an efficient integration of JourneyCare’s operations.

“Looking ahead in 2022, Addus will continue its strategic focus on acquisitions that meet our strategic criteria and complement our strong organic growth opportunities. We continue to have a solid pipeline of potential acquisitions and the financial flexibility to support our growth and further enhance our competitive position,” added Allison.

 “Both JourneyCare Hospice and Addus Homecare have a long, deep and excellent reuputation of serving the Chicagoland marketplace. The local community will now significantly benefit by having a continuum of multiple lines of home- based care being offered in a highly coordinated and compassionate way from a single provider,” said Mark Kulik, the Managing Director who headed up the deal team.