IMAC Holdings Acquires Active Medical Center in Southwestern Chicago Suburb
IMAC Holdings, Inc. (Nasdaq: IMAC) is expanding its Chicago presence through the acquisition of Active Medical Center in Naperville, Illinois, effective June 28. This deal marks the third Mike Ditka IMAC Regeneration Center in the Chicago area. The purchase price, undisclosed, is approximately 2.0x 2020 cash flow, with expected annual expense synergies of 0.4x cash flow. IMAC aims to maintain price discipline in its acquisition strategy, with this being its fourth acquisition in 2021, positioning the company for further growth in the second half of the year.
- Strategic expansion in the Chicago market with the acquisition of an established medical facility.
- Purchase price aligns with company's acquisition strategy at 2.0x 2020 cash flow, indicating financial discipline.
- Expected annual expense synergies of 0.4x cash flow enhance profitability.
- None.
Naperville, Ill. purchase to be rebranded Mike Ditka IMAC Regeneration Center
BRENTWOOD, Tenn., June 25, 2021 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, announces the Company’s expansion in the Chicago market with the asset purchase of Active Medical Center’s Naperville, Illinois location, effective Monday, June 28.
Active Medical Center is a medical clinic that addresses a wide variety of orthopedic treatments for various conditions through a combination of medical and physical rehabilitation services. The medical clinic will be rebranded as a Mike Ditka IMAC Regeneration Center, the third such location in the Chicago metro area and the first in the southwestern suburbs of Chicago.
“Active Medical Center’s Naperville practice is a great addition to our current treatment centers in the Chicago market. We look forward to expanding our Chicago presence with an established facility and talented team,” commented Jeff Ervin, IMAC’s Chief Executive Officer.
The practice was purchased for an undisclosed amount that represents approximately 2.0x 2020 cash flow. Immediate expense synergies are expected to deliver an additional 0.4x cash flow annually. This acquisition price is consistent with the Company’s targeted capital allocation for such acquisitions. Moreover, the medical focus of Active Medical Center is consistent with the Company’s focus of offering non-surgical pain treatment options and sports medicine services.
“We firmly believe in the price discipline within our acquisition strategy to grow existing and neighboring markets. This is our fourth acquisition in 2021 and we have a robust pipeline of targets to continue our strategy into the second half of the year," concluded Mr. Ervin.
About IMAC Holdings, Inc.
IMAC was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life science advancements with traditional medical care for movement restricting diseases and conditions. IMAC owns or manages over 15 outpatient medical clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes including Ozzie Smith, David Price, Mike Ditka and Tony Delk to emphasize its focus treating sports and orthopedic injuries and movement-restricting diseases without surgery or opioids. IMAC also operates the BackSpace retail spine health and wellness treatment centers. More information about IMAC Holdings, Inc. is available at www.imacholdings.com.
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Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements, and terms such as “anticipate,” “expect,” “believe,” “may,” “will,” “should” or other comparable terms, are based largely on IMAC's expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMAC's control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the skills and experience necessary to meet customers’ requirements, and its ability to protect its intellectual property. IMAC encourages you to review other factors that may affect its future results in its registration statement and in its other filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact occur.
IMAC Press Contact:
Laura Fristoe
Investor Relations:
Bret Shapiro
(516) 222-2560
FAQ
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