BOSTON--(BUSINESS WIRE)--Civitas Solutions, Inc. (NYSE: CIVI) today announced the completion of three acquisitions. Civitas has expanded its brain injury services with the purchase of Cassell & Associates in Michigan and several New Hampshire-based programs formerly owned and operated by Lakeview Systems. Civitas has also acquired Minnesota provider Capstone Services, which supports individuals with intellectual and developmental disabilities.
Founded in 1989, Cassell provides non-residential therapeutic vocational services to individuals recovering from brain injuries in the state of Michigan. Cassell operates a program in Novi with a capacity to support 160 individuals, and this past October opened a second center in Warren with a mature program capacity of 150. Cassell generated revenues of approximately $8.0 million for the 12-month period prior to the acquisition. The Cassell transaction was completed on January 13, 2015.
The acquired Lakeview programs provide community-based, residential services for individuals with brain injuries at eight locations in New Hampshire. The programs have a capacity to serve 54 individuals and generated revenues of approximately $6.8 million for the 12-month period prior to the acquisition. The acquisition of the Lakeview programs was completed on December 29, 2014.
Our acquisition of Lakeview programs does not affect Lakeview NeuroRehabilitation Center’s 88-bed program and school in Effingham, New Hampshire. Services at these locations will continue to be owned and operated by their existing owners.
“Selective acquisitions are an important complement to our organic growth as we strive to fulfill our mission to serve, serve well and serve more individuals in community-based settings,” said Bruce Nardella, president and CEO of Civitas Solutions. “As the nation’s leading provider of post-acute brain injury rehabilitative services, we are pleased to welcome the employees and participants of Cassell & Associates and the acquired Lakeview programs to Civitas.”
On October 31, 2014, Civitas completed the acquisition of Capstone Services, a provider of services to individuals with intellectual and developmental disabilities in the state of Minnesota. Founded in 1985, Capstone, which supports nearly 100 individuals in 25 community-based residences, generated revenues of approximately $7.8 million for the 12-month period prior to the acquisition.
“With a long history of providing high-quality services to individuals with intellectual and developmental disabilities, Capstone is a terrific addition to our services in Minnesota,” said Nardella. “I am delighted that they have joined us.”
At the start of the Company’s 2nd quarter for fiscal year 2015, which began on January 1, 2015, Civitas management adopted a policy regarding the disclosure of acquisitions. Moving forward, Civitas plans to announce via press release all acquisitions senior management deems significant as promptly as possible after the close of each acquisition. The Lakeview and Capstone transactions occurred prior to the adoption of the policy.
Civitas Solutions, Inc. is the leading national provider of home- and community-based health and human services to must-serve individuals with intellectual, developmental, physical or behavioral disabilities and other special needs. Since our founding in 1980, we have evolved from a single residential program to a diversified national network offering an array of quality services in 35 states.