Civitas Solutions Completes Acquisition of Habilitative Services, Minnesota Provider of Services To Individuals With Intellec...
October 02 2017 - 4:30PM
Business Wire
Civitas Solutions, Inc. (NYSE: CIVI) today announced that on
September 29th it successfully completed the acquisition of
Habilitative Services, Inc. and two related companies (“HSI”),
providers of services to individuals with intellectual and
developmental disabilities in the state of Minnesota. In August,
Civitas announced it had reached an agreement to acquire HSI,
subject to closing conditions and the expiration of a regulatory
notice period.
Founded in 1985 and 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 $32.9 million
for the 12-month period up to and including June 2017.
Civitas has deep roots in Minnesota through its REM Minnesota
operations, which this year are celebrating 50 years as a leading
provider of community-based services for individuals with
intellectual and developmental disabilities. In more recent years,
REM, which serves 59 of Minnesota’s 87 counties, has successfully
expanded into a range of specialty services not currently offered
by HSI, including brain injury, mental health and autism
services.
“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 am delighted
to welcome the HSI team and the individuals they support to
Civitas.”
REM and HSI overlap in 12 counties, and only in seven counties
for residential services that represent the vast majority of each
organization’s revenue. Civitas management believes this may allow
HSI to leverage REM’s specialty-service expertise and expand its
offerings in the years ahead.
With the HSI acquisition, Civitas has announced a total of 10
acquisitions completed during its fiscal year 2017, which ended on
September 30th. Eight of the 10 announced transactions were closed
since the beginning of June.
“The acquisition of HSI is a terrific way to cap-off a very busy
and productive year for M&A in our Company and positions us
well for fiscal 2018,” said Nardella.
Forward-Looking Statements
This press release contains statements about future events and
expectations that constitute forward-looking statements, including
statements about 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, unanticipated transaction costs
and 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171002006460/en/
Civitas Solutions, Inc.Dwight Robson, 617-790-4800Chief Public
Strategy and Marketing
Officerdwight.robson@civitas-solutions.com
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