WELL Health Sees CRH Acquire Connecticut Operator, Announces Approval Of Share Buyback Program
WELL Health Technologies Corp. (TSX: WELL) announced today that its recently acquired subsidiary CRH Medical Corporation has completed the acquisition of an 85% equity interest in Connecticut-based anesthesia provided New England Anesthesia Associates LLC.
While no hard details on the acquisition have been shared, the company relayed that CRH Medical paid approximately five times the New England Anesthesia’s operating EBITDA. New England Anesthesia’s annual revenue is estimated at approximately US$3.6 million while operating EBITDA margins equal to approximately 40%.
This transaction marks the first acquisition of CRH Medical since joining WELL Health last April 23, 2021 and the fourth acquisition of the subsidiary in 2021. CRH Medical also notes this as its 34th acquisition to date. The firm provides anesthesia services to an ambulatory surgical center in Connecticut in addition to related staffing services in the region.
In addition, the company this morning announced the approval of its previously reported plan to make a normal course issuer bid. Under the terms of the bid, WELL Health may purchase up to 4,879,031 common shares until May 11, 2022. This follows after the company also announced a share buyback program in March 23, 2020, but did not purchase any out of the eligible 5,943,822 common shares.
WELL Health Technologies Corp. last traded at $7.06 on the TSX.
Information for this briefing was found via Sedar and WELL Health Technologies Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.