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Roto-Rooter Services Company, a wholly owned subsidiary of Chemed Corporation ("Chemed") (NYSE: CHE) announced it has acquired the formerly independent Roto-Rooter franchise serving Alameda County and portions of southwestern San Joaquin County, California. The service area includes the cities of Oakland, Berkeley, Hayward, Fremont, Livermore, Pleasanton and Tracy, California.
The newly acquired territory has annual sales of $11 million and serves a population of approximately 1.7 million people. This acquisition follows the company’s October 2018 purchase of five neighboring Northern California franchise territories. The Oakland franchise purchase was effective July 1, 2019. Terms of the deal were not disclosed. This transaction is part of Roto-Rooter’s ongoing strategy of acquiring franchises to boost productivity, market share and profitability.
Listed on the New York Stock Exchange and headquartered in Cincinnati, Ohio, Chemed Corporation (www.chemed.com) operates two wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is the nation's largest provider of end-of-life hospice care and Roto-Rooter is the nation’s leading provider of plumbing and drain cleaning services.
Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190701005756/en/
David P. Williams