American Addiction Centers Inc., a national provider of inpatient substance abuse treatment services, is acquiring Solutions Recovery Inc., its affiliates and its associated real estate assets for $6.75 million in cash and $6.25 million in restricted shares of AAC Holdings’ common stock.
American Addiction is a subsidiary of AAC Holdings Inc. The sale is expected to be completed in the first half of 2016.
“We have a strong presence in Las Vegas with our out-of-network Desert Hope inpatient and outpatient treatment facilities. With the addition of Solutions Recovery’s in-network inpatient and outpatient centers, we will be able to meet the needs of a broader spectrum of clients in one of our highest demand markets,” said Michael Cartwright, chairman and chief executive officer of AAC Holdings.
The acquisition includes centers that are both owned and leased. On the owned side, American Addiction will pick up 100 sober-living beds. The leased property includes 70 licensed, in-network detox, residential and halfway house beds, 24 sober-living beds and three licensed, in-network outpatient centers.
“With our Desert Hope outpatient facility building on its early success and the continued strong utilization at the residential facility, we have a crucial need for expanded sober living arrangements which this acquisition provides,” Cartwright said. “We expect the new capacity to allow us to treat substantially more clients by providing referral sources with both out-of-network and in-network options and enabling us to better serve the local market.”
American Addiction operates 18 facilities across the United States.
Locally, it owns and operates its Desert Hope outpatient facility.
The Solutions Recovery operations will continue to be operated by the current staff and the current CEO, Dave Marlon.
Kitson boutiques closing
The days may be numbered for Kitson, a Los Angeles-based boutique clothing store with 17 locations across three states including Nevada, California and Oregon. Locally, Kitson has a location at The Linq hotel-casino.
Gordon Brothers Group, a Boston-based investment group, and retail advisory firm Hilco Merchant Resources, based in Northbrook, Illinois, put store closing sales in motion on Dec. 10. Everything in the store is 30 to 50 percent off.
Kitson is in talks with “interested parties” to save the brand, said James Wong, Kitson’s chief restructuring officer.
The brand gained fame in the Los Angeles area with names such as Paris Hilton and Lindsay Lohan passing through its doors. The Kardashians were known to stop by.
The company was founded in 2000 by Fraser Ross. With carrying trendy, high fashion apparel, gifts and novelty merchandise, the retailer was known for selling unique merchandise created by local designers and brands. It was also known for carrying apothecary, books and gifts.
The retailer’s website, shopkitson.com, had a notice about the in-store sale and said that it was working to fulfill orders made on the website set in motion on or before Dec. 6. The rest of the site is no longer accessible.
Crescent changes name
Las Vegas-based Crescent Technology, a provider of technical and IT staffing services, has change its corporate name to Taurean Consulting Group. The company has new owners and a strategic growth focus.
The name change came with the new ownership team and their vision for expanding strategies in the recruitment and placement of talent in the tech industry, said Kim Sarubbi, founder and CEO of Crescent Technology.
“Crescent Technology Solutions has been a recognized name in the Las Vegas community since 2007 with exceptional reputation and success. We knew that the only way to support a name change was by delivering a new and better experience as we continue to strengthen our relationships. Taurean Consulting Group will enhance the competitive edge that our clients have come to expect from us and that keeps us at the forefront of staffing solutions,” said Sarubbi.
The name change aligns with new leadership.
“The new name aligns with the appointment of our new COO and co-owner, Sonia Petkewich, who has been invaluable in shaping the growth of the company. We are both Taureans with an unerring approach to getting results for our clients and the name made sense for how we will work together and move the company forward,” Sarubbi said.
Petkewich outlined how Taurean actively attracts candidates.
“The foundation of our business is developing deep relationships and empowering candidates to present the very best version of themselves. It’s what we refer to as expanding their realm of possible,” Petkewich said. “We are very personalized in our approach and that’s how we consistently get the best results for candidates and employers.”
Taurean has entered into a partnership giving it exclusive access to more than 400,000 newly graduated IT professionals across the United States. The company also has plans to help IT professionals get better access to online training and certifications.
“We are securing partnerships with several specialist providers to offer discounted programs that will enhance the skill set of candidates, both pre- and post- placement, as a means of increasing their immediate value and continued growth at their job,” Petkewich said.
Taurean also recently opened an office in Nashville, Tennessee, and plans to expand its nationwide presence over the next couple of years. The organization is 100 percent woman-owned.