Alternatives, The Bridge of Central Mass. announce $82M merger
Ken Bates, president and CEO of the Bridge of Central Massachusetts.
Human services organizations Alternatives Unlimited of Whitinsville and The Bridge of Central Massachusetts in Worcester have announced an affiliation creating a combined workforce of more than 1,200 and more than $82 million in funds.
Alternatives is known for its psychiatric rehabilitation and community-focused approach while The Bridge focuses on providing evidence-based treatments and services.
The Alternatives site in Whitinsville will remain, but both organizations will be headquartered in Worcester under the same management with Bridge President and CEO Ken Bates leading both organizations in those same roles.
Dennis Rice, the former executive director of Alternatives, will stay on as a senior advisor.
According to WBJ research, the groups took in a combined $74.5 million revenue in fiscal 2016, with Alternatives leading the way with $44.1 million.
Combined assets for that same fiscal year were about $41.5 million.
In a statement, Bates said both organizations are fiscally and operationally strong and compliment each other.
“This affiliation will enable us to better meet the needs of the individuals and families we serve,” he said.
In selecting possible partnerships, Alternatives wanted to be sure that its mission and values were upheld, Rice said in a statement.
“It became clear that The Bridge and Alternatives will be excellent partners,” he said.
WBJ Web Partners
Most Recent
Most Recent
0 Comments