Home Health Care News May 21, 2024
Addus HomeCare Corporation (Nasdaq: ADUS) is selling its New York personal care business, along with its fiscal intermediary services for the state’s consumer-directed care program.
The company announced Tuesday that it will offload its New York operations to HCS-Girling, another home-based care provider. The divestment will be worth “up to” $23 million for Addus, the company said, and the transaction is not yet closed. Addus will use the money to reduce the outstanding balance on its revolving credit facility.
“We are pleased to reach this agreement with HCS-Girling to divest our New York personal care operations and exit the state,” Addus CEO Dirk Allison said in a statement. “This has been a challenging market for Addus and no longer fits...
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