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Ambulatory surgery center acquired by unit of Medical Facilities Corporation
Ambulatory surgery center acquired by unit of Medical Facilities Corporation Ambul...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n\n\n\nAmbulatory surgery center acquired by unit of Medical Facilities Corporation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nAmbulatory surgery center acquired by unit of Medical Facilities Corporation\nCanada NewsWire\nTORONTO, Sept. 28, 2016\n\n\n\nWill become department of Sioux Falls Specialty Hospital\n\n\n\nTORONTO, Sept. 28, 2016 /CNW/ - Medical Facilities Corporation (\"Medical Facilities\" or the \"Corporation\") (TSX: DR) announced today that the Corporation's Sioux Falls Specialty Hospital (\"SFSH\") has entered into a definitive agreement to acquire Prairie States Surgical Center, L.L.C., (\"PSSC\") which owns and operates Prairie States Surgical Center, an ambulatory surgical center located in Sioux Falls, South Dakota that specializes in orthopedic procedures. PSSC generated about US$8 million in net revenue in 2015 and will be merged into the operations of SFSH.\n\n\"Prairie States Surgical Center is a great addition, a clear demonstration of the organic growth opportunities within our current markets and will increase our profile in the Sioux Falls community,\" said Britt T. Reynolds, CEO of Medical Facilities. \"As well, the close proximity of PSSC to SFSH enables operational adjustments that we anticipate will generate near-term synergies. We expect this acquisition to be immediately accretive.\"\n\nThe facility is being acquired for a purchase price of approximately US$19.95 million, subject to customary adjustments, to be paid over a period of five years. The acquisition is scheduled to be completed on October 3, 2016. \n\n\"PPSC provides the highest quality surgical and patient recovery care and we are excited to be adding the facilities and welcoming its physicians and patient care teams to the Sioux Falls family,\" added Dr. Blake Curd, CEO of SFSH. \"Patients can be assured that they will continue to receive the same sensitive and friendly care in the premier medical facilities in the state.\"\n\nAbout Medical Facilities\n\nMedical Facilities owns controlling interests in five specialty surgical hospit...