Aerocare acquires Arcadia branches
ORLANDO, Fla. - When AeroCare Holdings acquired seven Arcadia Resources branches for $7.7 million in September, the under-the-radar provider ended a nearly four-year dry spell.
"It was 2003, the last time we acquired a company of any significant size," said Steve Griggs, CEO and president of AeroCare, and a former executive at Rotech.
But don't expect the Arcadia Resources acquisition to spur an AeroCare buying spree: "This was a unique opportunity," Griggs said. "We're still not looking to do many, if any, acquisitions."
The acquisition comprised one branch in Colorado and six in Florida, putting AeroCare at just over 100 branches nationwide. The Colorado branch "significantly strengthens" the provider's presence in Denver, Griggs said, and the Florida branches extend its existing presence in the state's Panhandle area.
AeroCare "pretty much" retained all of the employees working at the acquired branches, about 50 in all, Griggs said.
While it hasn't made many acquisitions in the past four years, AeroCare has grown organically, Griggs said.
"The majority of our branches have been started from scratch," he said. "We're comfortable continuing to build that way."