Arcadia pockets $10 million in funding

Sunday, January 7, 2007

SOUTHFIELD, Mich. - Arcadia Resources has secured $10 million in equity funding from one of the largest mutual fund families in the country, the company announced last week.

The HME roll-up will use the money to facilitate its current business plan of opening walk-in, routine medical clinics in host sites like supercenter retail stores. Recently, it opened three such clinics in Nevada, one in Indiana and three in Michigan.

"We're contracted to open a total of 34 sites in the next three months," stated Chairman and CEO John Elliott in a release.

Arcadia last picked up funding in July, pocketing $15 million to "realign its business sheet and make ready for certain acquisitions," Elliott stated at the time. A taste of the company's acquisitions since then: Lovell Medical Supply in North Carolina; Alliance Oxygen and Medical Equipment in Florida; HomeLife Medical in Georgia; and Remedy Therapeutics in Illinois.

Arcadia has also been busy opening Arcadia Home Medical Supply Centers in Wal-Marts in Florida, Texas and New Mexico (See HME News November 2006).

The Shemano Group, an investment bank headquartered in San Francisco, acted as the placement agent for Arcadia's latest round of funding.