BOSTON, Sept. 29, 2014 /PRNewswire
The Mass Adult Day Health Alliance, the largest provider of adult day health programs for elders in Massachusetts, announced today that it has been acquired by Civitis Solutions Inc. (NASDAQ: CIVI), a national organization of local health and human services providers that markets its services under the name The MENTOR Network.
The Mass Adult Day Health Alliance, which opened its first adult day care center in Brighton 12 years ago, now serves thousands of adult day patients in eight centers throughout Massachusetts.
“We’re proud of the organization that we established and our ability to serve a much-needed market in adult day care,” said Alex Matov, a managing partner of the Alliance. “This acquisition is a positive and logical next step in the company’s growth and we know it is in very good hands.”
“This was a lengthy and complicated transaction given the various parties and regulatory authorities involved but it was worth it given the strength and wherewithal of The MENTOR Network,” said Oleg Uritsky, an Alliance managing partner. “We’re very pleased.”
Founded in 1980, The MENTOR Network provides an array of quality, community-based services to adults and children with intellectual and developmental disabilities, brain and spinal cord injuries and other catastrophic injuries and illnesses, and to youth with emotional, behavioral and medically complex challenges, as well as their families. It operates facilities in 36 states across the nation. Its parent company, Boston-based Civitis Solutions Inc. this month completed its initial public stock offering.
Terms of the transaction, which were negotiated on behalf of the Alliance by the Boston investment banking firm of Consilium Partners LLC. were not disclosed.