Friday, June 17, 2016
CRH Medical Corporation, a North American medical company that provides physicians with innovative services and products for the treatment of gastrointestinal diseases, announces that it has completed a new, accretive transaction whereby CRH has acquired 65% ownership of Community Anesthesia, PLLC ("Community").
Community provides anesthesia services to four ambulatory surgical centers in the Greater Boston area and this transaction represents CRH's first acquisition in Massachusetts. Community is expected to generate total annual revenue of US$8.6 million. The purchase price for the transaction was funded through a combination of our syndicated credit facility with Scotiabank and U.S. Bank and cash on hand.
Highlights of the transaction:
Annual total revenue estimated at US$8.6 million
Accretive to EBITDA and cash flow
Transaction is structured as a joint venture; CRH has a 65% interest
Further expands our geographic footprint
Edward Wright, CEO of CRH, stated, "We are encouraged by our ability to continue executing our growth strategy as evidenced with this latest transaction. Expanding into Massachusetts further demonstrates our ability to grow our anesthesia services business and an acquisition of this significant size will add meaningfully to our EBITDA and cash flow."
Source : finance.yahoo.com
