Frisco-based home care provider Addus HomeCare Corp. has closed on an underwritten public offering of 1.725 million shares of its common stock. Addus said the net proceeds were roughly $176 million.
The offering included 225,000 shares of common stock sold pursuant to the exercise in full by the underwriters of their option to buy additional shares, at a public offering price of $108 per share.
The company said it intends to use roughly $81.4 million of the net proceeds for the repayment of all indebtedness outstanding under its credit facility and the remainder for general corporate purposes, including its previously announced acquisition of the personal care assets of Gentiva and any future acquisitions or investments.
There were no selling stockholders in the offering, the company said.
Addus’ home care services primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus said it currently provides home care services to about 49,000 consumers through 214 locations across 22 states.
Growing with the changing home healthcare landscape
According to industry publications, home healthcare is evolving quickly as a market space, driven by demographic shifts, technological advancements, and changes in healthcare delivery models.
Founded in 1979, the company initially started as a home cleaning service before expanding into chore services for Chicago’s at-risk elderly population through a contract with the city.
Over the years, the company has grown via the acquisition of additional home care contracts in various states, the opening of new branch offices, and diversification into new service lines.
In 1996, the company changed its name to Addus HomeCare, which it said was inspired by an ancient Celtic deity associated with health and wellness and was suggested by an employee in California.
In 2016, Addus refined its strategy to focus on growth in existing states and added clinical care services. Addus provides personal care to over 42,000 patients and home health and hospice services to more than 3,600 patients,
Addus HomeCare offers a variety of services, including:
- Personal Care: Assistance with activities of daily living for elderly, chronically ill, and disabled individuals.
- Home Health: Medical and skilled healthcare services provided in the home.
- Hospice Care: Comfort care for patients and their families.
The company serves patients across various states, including Alabama, Arizona, California, Florida, Illinois, New York, Texas, and more.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
Addus announced the sale of its personal care operations in New York, including fiscal intermediary services under the state's Consumer Directed Personal Assistance Program. The public company's revenues topped $1 billion in 2023.
-
After surpassing $1 billion in annual revenues for the first time in 2023, Addus HomeCare's latest acquisition aims to expand its market footprint in seven key states: Arizona, Arkansas, California, Missouri, North Carolina, Tennessee, and Texas.
-
As we noted in our top story today, Lee's TXSE Group plans to launch the Texas Stock Exchange (TXSE), focused on Texas and the Southeast U.S. The group says it will provide "a venue to trade and list public companies and the growing universe of exchange-traded products" as a "fully electronic, national securities exchange." That's caused buzz across the Lone Star State—and especially on Wall Street.
-
The Plano-based video production company, which has outposts in New York and Chicago, says its new PE affiliate Launchpad Ventures aims to collaborate with creatives to produce "premium cinematic" footage for agencies and brands.
-
Over the past six years, Cathy Collins has served in roles of increasing responsibility in finance leadership at the company. She previously worked for 16 years at ALM Media.
