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Civitas acquires 15 community residences

March 3, 2016
by Julie Miller, Editor in Chief
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Civitas Solutions, Inc. has completed the acquisition of Minnesota-based Tender Loving Care of Duluth, Inc. (TLC), a provider of services to individuals with intellectual and developmental disabilities.

TLC adds 15 community-based residences to the Civitas portfolio. TLC generated revenues of approximately $7.4 million for the 12-month period prior to the acquisition.

In early February, Civitas also acquired three Massachusetts adult day health centers with total capacity to serve 410 individuals, generating revenues of approximately $8.7 million for the 12-month period prior to the acquisition.

In late December, shares of Civitas hit a new 52-week high, trading at $30.23 on volume of 227 shares, but that was followed on February 12, 2016, by a new 52-week low at $15.19 on volume of 9,105 shares.

Civitas Solutions owns centers in 35 states.