Addus Advances M&A Strategy With Deal for AccentCare Personal Care Business

03:04 PM EDT, 09/14/2026 (MT Newswires) -- Addus HomeCare (ADUS) agreed to acquire AccentCare's personal care operations outside of New York in a deal worth roughly $275 million, adding to a series of recent acquisitions. The AccentCare transaction substantially strengthens Addus' personal care service capabilities in Texas, Illinois, California and Arizona, while adding operations in Colorado, Georgia, Minnesota, Pennsylvania, Tennessee and Washington, it said Monday. The acquired AccentCare operations serve an average daily census of about 13,700 customers. The deal doesn't include the firm's hospice and home health operations. The transaction is in line with Addus' growth strategy and is projected to add about $280 million in annualized personal care revenue, representing an increase of around 19% to its revenue base, Chief Executive Dirk Allison said in a statement. The transaction should be accretive to the firm's results, according to Allison. Addus bought the personal care operations of Del Cielo Home Care Services in October and of HomeCourt Home Care in May 2026. Indiana-based HomeCourt has about $9.7 million in annualized revenue, Addus said in May, adding that it had agreed to acquire additional Indiana operations "of a similar size." Last month, the company reported second-quarter net service revenue of $377.4 million, up from $349.4 million a year earlier, with personal care contributing almost $296 million to the latest top-line. At the time, Allison said the company was looking to expand its market reach and increase its geographic footprint. "With our strong cash flow in the second quarter, we reduced our bank debt to $64.3 million, leaving us with the financial flexibility to consider larger acquisition opportunities," Allison told analysts on an Aug. 4 earnings conference call, according to a FactSet transcript. Separately, BofA Securities said Monday it downgraded its rating on the Addus stock to neutral from buy and reduced its price objective to $125 from $140, citing slowing organic growth. Every 1% cut to Medicaid rates likely reflects a 6% hit to the company's earnings before interest, taxes, depreciation and amortization before any offsets, according to the brokerage. "Even if there are no cuts, the slowing rate growth means it's incrementally harder to grow given cost inflation," BofA analyst Joanna Gajuk said in a note to clients. "The stock might get a lift near term ahead of elections, but next data points will be (2028) state budgets, which are likely to look worse than (2027) given the cuts to Medicaid under the (One Big Beautiful Bill Act) accumulate," Gajuk wrote. "Meanwhile, (Addus) could do larger deals as consolidation accelerates." Addus' stock was down 0.3% intraday Monday and has gained 8.7% so far this year. Price: 116.72, Change: -0.38, Percent Change: -0.32