AAC Holdings, Inc. is Set to Reach the Mid Atlantic Market with Closing on Property for De Novo Project in Ringwood, New Jersey
February 24 2015 - 4:06PM
Business Wire
AAC Holdings, Inc. (NYSE: AAC), solidified its de novo pipeline
of 2016 projects with the purchase, through its subsidiary,
Behavioral Healthcare Realty, LLC, of a former convent and a total
of 96 acres in Ringwood, New Jersey for $6.5 million in cash. The
Company expects to begin renovations and new construction in summer
2015 with a targeted opening of 150 new beds late in the second
half of 2016. The Company projects an aggregate investment of $22.5
million or $150,000 per bed.
Approximately 60 minutes from LaGuardia and Newark Airports and
close to the New Jersey Botanical Garden and Ringwood Manor, the
to-be-named facility will be located on the former Mount St.
Francis, which has been home to the Sisters of St. Francis of
Philadelphia. The original manor home was constructed in 1861.
Michael Cartwright, Chairman and Chief Executive Officer of AAC
Holdings, noted, “This project has been in the works for at least
two years. We have worked closely with the state governmental
authorities as well as local conservancy groups during the
permitting process and are excited to bring Ringwood to fruition.
Our plans for expanding and improving the estate and grounds are
faithful to the wishes of the Sisters of St. Francis and will
respect the majestic nature of the Ramapo Mountains of Ringwood.
Being located in the Mid Atlantic region in such a scenic setting,
combined with the close proximity to major airports, a large
population base, and a material percentage of our existing referral
base and outside sales force should make Ringwood one of AAC’s top
facilities.”
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient
substance abuse treatment services. We treat adults as well as
adolescents who are struggling with drug addiction, alcohol
addiction, and co-occurring mental/behavioral health issues. We
operate eight substance abuse treatment facilities and one mental
health facility specializing in overeating disorders. Located
throughout the United States, these facilities are focused on
delivering effective clinical care and treatment solutions.
Forward Looking Statements
This release contains forward looking statements within the
meaning of the federal securities laws. These forward looking
statements are made only as of the date of this release. In some
cases, you can identify forward-looking statements by terms such as
“anticipates,” “believes,” “could,” “estimates,” “expects,” “may,”
“potential,” “predicts,” “projects,” “should,” “will,” “would,” and
similar expressions intended to identify forward-looking
statements, although not all forward-looking statements contain
these words. Forward-looking statements may include information
concerning AAC Holdings’ possible or assumed future results of
operations, including descriptions of AAC Holdings’ revenues,
profitability, outlook and overall business strategy. These
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results and performance to be
materially different from the information contained in the forward
looking statements. These risks, uncertainties and other factors
include, without limitation: (i) our inability to operate our
facilities; (ii) our reliance on our sales and marketing program to
continuously attract and enroll clients; (iii) a reduction in
reimbursement rates by certain third-party payors; (iv) our failure
to successfully achieve growth through acquisitions and de novo
expansions; and (v) general economic conditions, as well as other
risks discussed in the “Risk Factors” section of the Company’s
registration statement on Form S-1, as amended, and other filings
with the Securities and Exchange Commission. As a result of these
factors, we cannot assure you that the forward looking statements
in this release will prove to be accurate. Investors should not
place undue reliance upon forward looking statements.
Investor Contact:Tripp SullivanSCR
Partners615-760-1104IR@contactAAC.comorMedia Contact:Molly
Cate615-254-0575MCate@contactAAC.com
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