AAC Holdings, Inc. (AAC) has signed a definitive agreement to acquire Clinical Services of Rhode Island, Inc. or CSRI, a provider of intensive outpatient substance abuse treatment services, for $665,000 in cash and $1.335 million worth of restricted shares of AAC Holdings' common stock.
The acquisition, which is subject to certain closing conditions such as the assignment of certain contracts and the receipt of certain licenses necessary to operate the business, is expected to close during the second quarter of 2015. AAC will make the acquisition through its subsidiary, AAC Rhode Island Acquisition Sub LLC.
CSRI operates three outpatient treatment facilities located in Greenville, Portsmouth and South Kingstown, Rhode Island.
CSRI co-owners Reinhard Straub and Peter Letendre each have over 25 years experience in the addiction and mental health fields. Following the acquisition, Straub will continue as Clinical and Business Development Liaison for American Addiction Centers, Inc., while Letendre will serve as CEO and Clinical Director Rhode Island Operations.
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