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Mon August 5, 2013
Tennessee-Based Corrections Corporation of America Reports Acquisition
The Nashville-based Corrections Corporation of America is the largest owner of partnership correction and detention facilities in the nation.
Company officials say a recent acquisition will help inmates transition from incarceration to society. CCA has just completed an approximately $36 million purchase of private company Correctional Alternatives, Incorporated based in San Diego, California.
Correctional Alternatives, Inc. oversees work furloughs, residential re-entry programs and home incarceration for San Diego County, the Federal Bureau of Prisons, and US Pretrial Services and Probation.
CCA reports the purchase could add about $14 million to the company’s total annual revenue and add about 3 cents per share to 2014 pro forma earnings.
CCA President and CEO Damon Hininger says the purchase will help the company expand its service, covering everything from incarceration through release.