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CRH Medical or "CRH", a wholly owned subsidiary of WELL Health, completes the acquisition of an 85% stake in New England Anesthesia Associates LLC ("NEAA").
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NEAA's current estimated annualized revenue run-rate is approximately US$3.6 million with operating EBITDA(1) margins equal to approximately 40% which is generally consistent with other similar acquisitions made by CRH.
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This highly accretive acquisition marks CRH's fourth acquisition transaction so far in 2021 and represents the company's entry into Connecticut which increases its footprint to 16 states across the United States.
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Acquisition adds 17 practitioners to CRH's team which now exceeds 800 healthcare practitioners who are predominantly credentialed anesthesia providers.
VANCOUVER, BC, May 10, 2021 /CNW/ - WELL Health Technologies Corp. (TSX: WELL) ("WELL" or the "Company"), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce its wholly owned subsidiary, CRH Medical Corporation ("CRH"), has completed an accretive transaction whereby the company has acquired an 85% stake in New England Anesthesia Associates LLC ("NEAA") effective May 1, 2021. NEAA provides anesthesia services to an ambulatory surgical center in Guilford, Connecticut along with other staffing services that serve the surrounding region. It represents CRH's 34th acquisition to date.
"We are very excited to complete the first acquisition by CRH after joining WELL just a couple of weeks ago," said Hamed Shahbazi, Chairman and CEO of WELL Health. "This acquisition is yet another validation of CRH's disciplined acquisition and partnership program, and it demonstrates WELL's commitment to continuing CRH's very successful and accretive capital allocation program, which aligns perfectly with WELL's own growth strategy."