|Addiction Treatment Industry Newswire|
|07/12/2014 -ATIN – Addiction Treatment entrepreneur Michael Cartwright late Friday filed with the Securities and Exchange Commission to take his American Addiction Centers, AAC, public in an initial public offering IPO. Among the most successful businessmen in the history of U.S. addiction treatment, Cartwright is seeking to raise up to $75M in the IPO for his Brentwood, TN-based company, which he started to put together in 2012 in a series of acquisitions and new builds.
Over $100M in Annual Revenues
With AAC, which has been backed by a sophisticated multi-year integrated marketing effort, Cartwright has succeeded in building one of the few national addiction treatment brands ever created with a substantial national footprint. AAC has major centers in Florida, Dallas – which just underwent a huge residential and outpatient expansion – and a flagship center in Las Vegas. There has also been talk of AAC entering the New York/New Jersey market with the acquisition of a well-known outpatient center, combining that with a purchase of a big New Jersey estate to create a high-end luxury residential and outpatient operation to service the underserved high-end in the HUGE tri-state New York metropolitan area marketplace. According to papers filed with the SEC, AAC had $116M in revenue in the 12-mos ended March 31, 2014. But with expansion plans already being discussed and planned – this according to various Treatment Magazine sources as Cartwright himself refused to comment on any aspect of AAC for this article – that $116M annual revenue figure may expand substantially over the next year to two years.
Joint Book Runners
Investment bank William Blair, the Chicago-based financier that has had tremendous success taking small to mid-sized firms like AAC public, has been chosen by Cartwright to be the joint book runner along with Wells Fargo Securities to manage AAC’s IPO offering. American Addiction Centers plans to be listed on the NASDAQ exchange under the symbol AAC. As is typical in the early stages of an IPO offering, there has yet to be a discussion of a possible pricing range for AAC’s shares.
READ OUR 2012 Special Report on Michael Cartwright
READ OUR Report on AAC’s Creation of a National Addiction Treatment Brand
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