IMAC Holdings Acquires Fort Pierce Chiropractic as Florida Expansion Continues

Rhea-AI Summary

IMAC Holdings announces the acquisition of Fort Pierce Chiropractic effective June 14, 2021, marking its third acquisition in Florida this year. The practice, known for over 30 years of service, was purchased for an undisclosed amount representing approximately 1x trailing twelve months cash flow. This strategic acquisition aims to enhance IMAC's offerings in non-surgical movement and sports medicine. New patient evaluations will commence on June 21, alongside ongoing development to expand IMAC's presence in Florida and the southern U.S.

Positive

• Acquisition of Fort Pierce Chiropractic enhances IMAC's service offerings in non-surgical orthopedic care.
• The practice purchase supports increased demand for regenerative rehabilitation treatments.
• Third Florida acquisition this year expands IMAC's geographic footprint.

Negative

• None.

Purchase Marks Third Florida Acquisition this Year

BRENTWOOD, Tenn, June 14, 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 its purchase of Fort Pierce Chiropractic effective today.

“Award-winning Fort Pierce Chiropractic has been a staple to the Treasure Coast community along Highway 1 for over 30 years. We anticipate building upon the historical success of this practice by introducing medical services to the current patient base receiving excellent spinal care from the existing team,” said Jeff Ervin, IMAC’s Chief Executive Officer.

The practice was purchased for an undisclosed amount, representing approximately 1x trailing twelve months cash flow. This acquisition further supports the Company’s focus on meeting increased demand and awareness for non-surgical movement and sports medicine services. Fort Pierce Chiropractic is IMAC’s third Florida acquisition this year, expanding its geographic footprint in central Florida. IMAC medical staff will be available for new patient evaluations onsite and via telehealth starting June 21.

“We continue to see long-term value through the acquisition of established practices which minimize execution risk of invested proceeds. Our team has worked diligently to source opportunities and capitalize on current market conditions. Florida and the southern United States remain target geographies in addition to expanding our Midwestern presence.”

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
lfristoe@imacrc.com

Investor Relations:
Bret Shapiro
(516) 222-2560
brets@coreir.com

FAQ

What is the significance of IMAC's acquisition of Fort Pierce Chiropractic?

The acquisition enhances IMAC's capabilities in providing non-surgical orthopedic care and expands its geographic presence in Florida.

How much did IMAC pay for Fort Pierce Chiropractic?

The purchase amount was undisclosed but represents approximately 1x trailing twelve months cash flow.

When will new patient evaluations begin at Fort Pierce Chiropractic?

New patient evaluations will start on June 21, following the acquisition.

What are IMAC's plans for further expansion?

IMAC aims to continue acquiring established practices, particularly in Florida and the southern U.S., to enhance its service offerings.