AAC Holdings, the parent company of American Addiction Centers, has signed an agreement to acquire Clinical Services of Rhode Island for $665,000 in cash and $1.3 million worth of restricted AAC shares.CSRI operates three outpatient treatment facilities in Greenville, Portsmouth and South Kingstown, Rhode Island. The company generated revenue of $1.2 million and adjusted EBIDTA of $200,000 in 2014. CSRI co-owner Reinhard Straub will continue as clinical and business development liaison for American Addiction Centers, and co-owner Peter Letendre will serve as CEO and clinical director of Rhode Island Operations."Extending our outpatient center network is a critical and necessary component of the addiction treatment services we provide our clients," Michael Cartwright, AAC chairman and CEO, said in a release. "CSRI will join our newly licensed outpatient center in Las Vegas, Nevada and a new outpatient center under construction in Arlington, Texas, giving us the ability to provide a full continuum of care and transition clients as they become ready to leave our inpatient centers and step down their treatment."The Rhode Island deal is the second acquisition announcement for AAC since the company went public last October. AAC announced plans in December to acquire a Florida company for $13 million.Shares of AAC (Ticker: AAC) were up 1 percent to $28.18 Monday morning. In the last three months, they're up 28 percent.
