BOSTON--(BUSINESS WIRE)--Civitas Solutions, Inc. (NYSE: CIVI) today announced that it has entered into an agreement to acquire the stock of Habilitative Services, Inc. and two related companies (“HSI”), providers of services to individuals with intellectual and developmental disabilities in the state of Minnesota. The agreement is subject to a number of closing conditions, including the expiration of a regulatory notice period. The parties expect to close the transaction within 30-45 days.
Operating in 22 counties in Minnesota, HSI provides a continuum of residential and periodic services. HSI supports approximately 360 adults in 86 residential sites and another 180 individuals in periodic programs. With more than 1,100 employees, HSI generated revenues of approximately $32.8 million for the 12-month period up to and including May 2017.
“It is rare that we have the opportunity to welcome to our network a provider of the quality and scale of HSI,” said Bruce Nardella, president and CEO of Civitas Solutions. “I look forward to welcoming the HSI team and the individuals they support to Civitas.”
“HSI has more than 30 years of experience serving Minnesotans with disabilities and helping them reach their full potential in communities of their choice,” said Nardella, noting that Civitas has deep roots in Minnesota through its REM operations. “I am confident that each organization can learn and gain strength from the other, and, in the process, expand our reach and impact in Minnesota.”
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements, including statements about the expected timing of the closing of the transaction and the expected benefits of the transaction. Forward-looking statements are based on our beliefs, assumptions and expectations, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from our expectations, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to: the failure or inability of the parties to satisfy closing conditions, the regulatory notice period and any related regulatory approvals failing to occur or be obtained; unanticipated transaction costs; unexpected delays in closing the transaction; our inability to successfully integrate the HSI business with our business; and the other factors described in “Risk Factors” in Civitas Solutions, Inc.’s Form 10-K. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
About Civitas
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 36 states.
