The In-Network inpatient and outpatient treatment provider Solutions Recovery, Inc in Las Vegas, Nevada has been acquired by American Addiction Centers, Inc, an operating subsidiary of AAC Holdings, Inc for $13 million.
"We have a strong presence in Las Vegas with our out-of-network Desert Hope inpatient and outpatient treatment facilities. With the addition of Solutions Recovery's in-network inpatient and outpatient centers, we will be able to meet the needs of a broader spectrum of clients in one of our highest demand markets," said Michael Cartwright, Chairman and Chief Executive Officer of AAC Holdings.
The acquisition is comprised of the following:
- 100 Sober Living Beds (owned)
- 70 Licensed In-Network Detox, Residential and Halfway House Beds (leased)
- 24 Sober Living Beds (leased)
- 3 Licensed, In-Network Outpatient Centers (leased)
Solutions Recovery, Inc's CEO, Dave Marlon, will remain in his position even after the acquisition. Staffs and employees of the treatment facility will also retain their jobs.
According to the press release of ACC Holdings in Business Wire, Solutions Recovery provides detoxification, residential and thorough outpatient treatment, as well as sober living services in the greater Las Vegas area. The treatment facility has approximately $4.5 million of generated revenue for the nine months ending Sep. 30, 2015. The acquisition is projected to be completed during the first half of 2016 and is subject to certain closing conditions, including the receipt of governmental approvals and licenses necessary to operate the business.
"With our Desert Hope outpatient facility building on its early success and the continued strong utilization at the residential facility, we have a crucial need for expanded sober living arrangements which this acquisition provides," said Cartwright. "We expect the new capacity to allow us to treat substantially more clients by providing referral sources with both out-of-network and in-network options and enabling us to better serve the local market."
