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Endonovo Therapeutics Announces LOI to Acquire Specialty Construction Company
Endonovo Therapeutics Announces LOI to Acquire Specialty Construction Company.
About this update from Endonovo Therapeutics, Inc.
[{"type":"text","content":"\n Los Angeles, CA, June 09, 2022 (GLOBE NEWSWIRE) -- Endonovo Therapeutics Inc. (OTCQB:ENDV) today announced a Letter of Intent to purchase a highly-regarded market leading specialty concrete services company located in the Southern U.S. with unaudited 2021revenue of $47.7M and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $5.3M. Since 2018, growth for the target company has gone from $9.5 Million in revenue to over $47 Million in 2021 for an average CAGR of 106%. Once completed, the Target and is expected to significantly increase performance of Endonovo as a holding company and supplement financial results from its traditional product line of medical devices for post-operative pain treatment. The purchase price of the acquisition is set at 4X trailing 12 months EDITDA; subject to a three-year GAAP audit of financial results, financing and certain potential hold-back provisions. “We are moving ahead with our previously-announced ‘Build Up Strategy’ of acquiring specialty service providers in the construction industry to provide an anticipated steady stream of sales and earnings to complement our expected periodic influx of same from our medical devices and IP,” according to Endonovo CEO Alan Collier. “We expect that the completion of the LOI to acquire the highly profitable and market leading target company will establish Endonovo’s standing as a successful holding company by delivering long-term fundamental shareholder value for investors,” Collier said. “While the name of the target acquisition is being withheld due to mutual confidentiality understandings, we can say at this time that the market opportunities of the Target show tremendous potential for growth in its historical market and beyond,” Collier said. “In addition, Endonovo’s management can work with existing management to grow outside of the target’s immediate geographic area and further expansion into commercial construction from its present base of primarily residential construction,” Collier pointed out. Additional acquisition highlights include but are not limited to; 20+ years of profitable/growing operations;A long-term reputation of high quality delivery of its services and on time performanceProprietary software which provides detailed management info...