Acquire Achieve TMS East and Central and US$10 M Bought Deal
Greenbrook to acquire 17 TMS Centers in Massachusetts, Connecticut, and Iowa
Greenbrook TMS Inc. (TSX: GTMS) (NASDAQ: GBNH) (“Greenbrook” or the “Company”), a leading provider of Transcranial Magnetic Stimulation (“TMS”) therapy in the United States, announced today that it has entered into a purchase agreement pursuant to which Greenbrook will acquire Achieve TMS East, LLC (“Achieve TMS East”) and Achieve TMS Central, LLC (“Achieve TMS Central”, and together with Achieve TMS East, “Achieve TMS East/Central”).
The Company also announced today that it has entered into an agreement to sell 1,300,000 common shares of the Company (the “Common Shares”) on a bought deal basis at a price of US$7.75 (or C$9.93)per Common Share (the “Offering Price”) to a syndicate of underwriters co-led by Stifel Nicolaus Canada Inc. (“Stifel GMP”) and Bloom Burton Securities Inc. for gross proceeds of US$10,075,000 (or C$12,909,000)(the “Offering”).
Achieve TMS East/Central Acquisition:
Achieve TMS East was founded in 2016, with a vision of increasing accessibility to TMS therapy in the New England area. Since founding its first TMS center in Northampton, Massachusetts, Achieve TMS East has grown to 14locations in the States of Massachusetts and Connecticut. In 2019, Achieve TMS East’s management team expanded its operations in the Midwest United States through the establishment of Achieve TMS Central which currently operates 3TMS centers in the State of Iowa. The acquisition of Achieve TMS East and Achieve TMS Central (the “Acquisition”) is expected to enhance Greenbrook’s position as a leading provider of TMS therapy in the United States and, following completion of the Acquisition, will add an additional 17TMS centers to the Company’s existing service delivery platform, for a total of 149TMS centers.
https://www.businesswire.com/news/home/20210921006106/en/