American Addiction To Buy Recovery First

(RTTNews) - American Addiction Centers Inc, a subsidiary of AAC Holdings Inc (AAC), on Monday agreed to buy Recovery First Inc, a Florida-based provider of substance abuse treatment and rehabilitation services, for $13 million in cash.

The acquisition, which is subject to certain closing conditions, is expected to close during the first quarter of 2015.

Recovery First operates a 56-bed in-network, inpatient substance abuse treatment facility in the greater Fort Lauderdale, Florida area which includes 20 licensed detoxification beds. Recovery First generates revenue of about $7.3 million and Adjusted EBITDA of about $2.3 million on an annualized basis, based on the nine-month period ended September 2014.

American Addiction Centers, based in Brentwood, Tennessee, is a provider of inpatient substance abuse treatment services.