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| Corrections Corporation of America (CXW) Closes Correctional Management Acquisition |
| By streetinsider.com |
| Published: 04/11/2016 |
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Corrections Corporation of America (NYSE: CXW) announced that it has closed on the acquisition of 100% of the stock of Correctional Management, Inc. (CMI), a privately held community corrections company, along with the real estate used in the operation of CMI's business from two entities affiliated with CMI, for approximately $35.0 million, excluding transaction related expenses. The all-cash transaction closed on April 7, 2016, and was funded utilizing the Company's revolving credit facility. CMI has provided community corrections and non-residential day reporting services since 1984. It currently operates seven facilities, including six owned and one leased, constituting a total of 605 beds in Colorado. With a focus on utilizing evidence-based programs and individualized treatment plans tailored to clients who have serious substance abuse problems and histories of criminal conduct, CMI provides people preparing to return to their communities the opportunity to end the cycle of addiction and incarceration. CMI provides these services through multiple contracts with Boulder, Denver and Arapahoe Counties, as well as the Colorado Department of Corrections, a longstanding and valued partner of CCA. Read More. |
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