BRENTWOOD, Tenn.--(BUSINESS WIRE)--AAC Holdings, Inc. (NYSE: AAC) announced that its applicable operating subsidiaries have received the necessary Florida licenses and the assignment of Recovery First Inc.’s in-network contracts to complete the previously announced acquisition of Recovery First for $13 million in cash.
Recovery First operates a 56-bed in-network, inpatient substance abuse treatment facility in the greater Fort Lauderdale, Florida area that includes 20 licensed detoxification beds. Recovery First generates revenue of approximately $7.3 million and Adjusted EBITDA of approximately $2.3 million on an annualized basis, based on the nine-month period ended September 30, 2014.
Michael Cartwright, Chairman and Chief Executive Officer of AAC Holdings, noted, “We are pleased to complete the licensing and contract assignment process and close the acquisition of Recovery First on schedule. The in-network contracts provide some diversification as well as the ability to leverage our nationwide sales and marketing brand, while the Recovery First facilities are a great addition to our growing platform in Florida. The exceptional clinical staff at Recovery First has continued to treat clients throughout the closing, and we expect it will be a seamless transition for clients as they continue their treatment under American Addiction Centers beginning this week.”
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient substance abuse treatment services. We treat adults as well as adolescents who are struggling with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues. We operate eight substance abuse treatment facilities and one mental health facility specializing in overeating disorders. Located throughout the United States, these facilities are focused on delivering effective clinical care and treatment solutions.
Forward Looking Statements
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