updated: 9/28/2010 9:33:23 AM
Cedarbridge Treatment Centers LLC says it's expanding and hoping to add 41 jobs at the Muncie Reception and Detention Center. The company has received a $200,000 loan from the Muncie Industrial Revolving Loan Fund program to help with the growth of its Delaware County operation. The facility currently employs 50 full-time and 24 part-time people. Cedarbridge owns five facilities in Muncie, Anderson, Huntington and Kokomo.
Source: Inside INdiana Business
Muncie, Indiana: Cedarbridge Treatment Centers, LLC is expanding and is projecting to add 41 new jobs at the Muncie Reception and Detention Center in Muncie. The facility, located at 901 West Riggin Road, provides juvenile treatment and detention services. Services include counseling and treatment, educational programs, wraparound services in a safe and constructive environment with a focus on reconnecting youth, families, and the community.
Cedarbridge purchased the facility from CMC Ownership, LLC in August, 2009. The center has been in operation in Muncie for over thirteen (13) years. The facility currently employs 50 full-time and 24 part-time people. The population of the center comes from Ohio, Michigan and parts of Indiana. Cedarbridge owns five facilities in Muncie, Anderson, Huntington, and Kokomo, Indiana.
The company applied for and received a $200,000 loan from the Muncie Industrial Revolving Loan Fund program to assist with the growth of the Muncie operation. The 18-month loan is secured with a subordinated mortgage, corporate and personal guarantees. Hunter told local leaders and the loan fund members that he will seek to raise an additional $4.4 million ($2.9 million in debt and $1.5 million in equity) in the coming months for Cedarbridge Treatment Centers, LLC . He plans to invest a considerable portion of those funds into the Muncie facility.
“I am always excited to see one of our existing businesses growing and adding jobs,” said Mayor Sharon McShurley. “The new ownership here represents a group of successful and dedicated individuals who are committed to serving troubled youth,” added McShurley.
Mr. Ron Hunter is the President and CEO of Cedarbridge. Hunter has a successful business history. In 1989 he purchased Standard Life Insurance Company. At the time the company was losing $1.8 million. By 2005, under Hunter’s leadership, the company was generating over $40 million in operational earnings and had over $2 billion in assets. Mr. Hunter was named “Entrepreneur of the Year” in Indiana by Ernst and Young during his tenure at Standard Life Insurance Company.
“Ron Hunter has demonstrated key business leadership skills and business savvy, “ said Frank Gilkison, Chairman of the Muncie Industrial Revolving Loan Fund. “We feel confident in his business abilities to successfully operate and grow the business here in Muncie,” added Gilkison.
“The Muncie-Delaware County Economic Development Alliance staff should be commended for their vision and commitment to the community. We look forward to a long and mutually beneficial relationship with the community for many years to come,” added Hunter.
Source: The Muncie-Delaware County Economic Development Alli