Arcadia Resources Inc., an Indianapolis-based provider of health care services, today announced that it has sold two divisions for a total of $11.2 million.
The company unloaded its home health equipment and industrial staffing businesses in three separate transactions.
California-based Pacific Pulmonary Services and Orlando, Fla.-based Aerocare Holdings Inc. purchased pieces of Arcadia’s home health equipment division. Bloomington-based Employment Plus bought its industrial staffing business.
Arcadia said it wants to focus on its home health staffing and DailyMed pharmacy services. The company has high hopes for DailyMed, a product that helps patients simplify management of their prescription drugs.
Arcadia said it will use $5.9 million of the proceeds to reduce its debt by about 15 percent and use $3.3 million, along with $3 million in new debt raised in March, to support its growing DailyMed segment.
“We set this new strategic plan in motion last year to exit these non-core segments, and we now have a more streamlined business model and additional resources to invest in our high-growth [divisions],” Arcadia CEO Marvin Richardson said in a prepared statement.
Arcadia moved from Southfield, Mich., to Indianapolis in 2007. The company’s stock was trading this morning at 47 cents a share.