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AdCare Health Systems (ADK) Appoints Martin D. Brew as CFO

AdCare Health Systems, Inc., a leading skilled nursing and assisted living provider, has appointed Martin D. Brew as chief financial officer effective as of the company’s annual shareholder meeting today, Friday, June 3, 2011. Brew succeeds Scott Cunningham, who will be departing AdCare at the end of June to pursue other interests.

Brew brings to AdCare extensive financial management experience at publicly and privately owned companies encompassing real estate, REITs, healthcare, hospitality and private equity industries.

“Marty’s wealth of capital expertise and financial management experience in the senior care industry will strengthen our ongoing aggressive M&A campaign and post-acquisition process,” commented Boyd P. Gentry, AdCare’s president and CEO. “His experience and proven abilities fit well with our culture of generating exceptional operational efficiency, along with maintaining the highest-quality of skilled nursing care and senior living environments.”

Brew is a seasoned finance and healthcare industry executive who brings more than 29 years of experience to AdCare. Brew previously served as vice president of finance and provided consulting services at Formation Capital, a private equity firm with expertise in the senior housing industry. While at Formation, Brew played key roles in the company’s M&A due diligence, and financial modeling and analysis processes. This included the post-acquisition integration and oversight of Genesis Health Care, a $2 billion former public company that owns and operates more than 200 nursing facilities and a respiratory rehabilitation company. He also centralized the finance and accounting functions of Tandem Health Care, which resulted in more than $1 million in annual savings in its operation of more than 70 nursing facilities.

Brew earlier served as treasurer and chief accounting officer at Jameson Inns, a publicly traded owner, operator and developer of 120 hotels with annual revenues of $95 million. While at Jameson, he played a key role in raising equity, debt, and convertible debentures. Brew received his Bachelor of Science in Business from Indiana University, and is a member of the Georgia Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

“We’d also like to extend our appreciation to Scott for his valuable contribution to AdCare, and helping us prepare for and transition to the high-growth stage of our development and geographic expansion,” added Gentry. “We wish him the very best of luck in his future endeavors.”

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