American Addiction Centers adds New Jersey treatment center for $6.6 million
AAC will acquire Sunrise House Foundation, which runs the New Jersey facility, and will invest $5 million in the 87,000-square-foot campus.
Brentwood, Tennessee-based American Addiction Centers this week said it would purchase a 110-bed substance abuse treatment center in Lafayette, New Jersey for $6.6 million in cash, the latest in a string of acquisitions since the company went public last fall.
Under the deal, AAC will acquire Sunrise House Foundation, which runs the New Jersey facility, and will invest $5 million in the 87,000-square-foot campus. The treatment center is on the site of a former Franciscan monastery. Sunrise House also runs two outpatient treatment programs.
AAC has already purchased facilities in California, Florida and Rhode Island.
“Sunrise House has run an effective 12-Step program for over 30 years with extensive clinical outcome studies and significant in-network and trade union contracts,” AAC chief executive Michael Cartwright said in a statement.
[Also: Tracking 2015 mergers and acquisitions]
The news comes less than a week after the U.S. Department of Health and Human Services announced new efforts to support treatment for opioid addiction in the country amid the growing number of overdose deaths. In addition to making the anti-overdose drug naloxone more available, the HHS said it would help train medical provides on using medication-assisted treatment to ease addictions.
Expanded insurance coverage for drug treatment is also helping more addicts pay for treatment programs, including those offered by AAC.
Twitter: @HenryPowderly
