Business
Skylight Health to Add 16th State with Acquisition of Florida Clinic Group with $5 million in Revenue and $1.2 million EBITDA
Skylight Health to Add 16th State with Acquisition of Florida Clinic Group with $5 million in Revenue and $1.2 million EBITDA.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n Florida based primary and urgent care clinic group is an established medical practice.In 2019, the clinic generated CAD 5 million in revenues and CAD 1.2 in EBITDA.Skylight Health’s forecasted annual run rate to now be over CAD 25 million combined with the completion of the previous five announced transactions.Total consideration value of CAD 4.8 million (50% cash, 50% shares) for the acquisition representing a 4x EBITDA multiple.This transaction will be immediately accretive to the Company adding experienced management, new complementary services and expansion of services to existing US markets. TORONTO, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Skylight Health Group Inc (CSE:SHG; OTCQX: SHGFF) (“SHG” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has entered into a Letter of Intent (LOI) to purchase 100% of the shares of a Florida Primary and Urgent Care clinic group (the “Clinic”). The name of the group will remain undisclosed until the closing of the Transaction on or before January 31, 2021. The planned acquisition of the Clinic will expand the Company’s bricks and mortar and telemedicine services to 16 States when including the previously announced pending acquisition of Tennessee-based Perimeter Pain and Primary Care Clinic. The Clinic has been operating an established and fast growing multi-disciplinary network of clinics representing 6 locations across Florida. Services to patients include primary care, urgent care, allied health & wellness, laboratory procedures, drive up COVID-19 testing, and preventive screenings among others. Services provided by the Clinic are primarily reimbursed through insurance carriers including Medicare, Medicaid and other commercial payors. The Clinic also leverages telemedicine as a delivery model for its existing patient base. The Company expects to see continued growth in patient registrations and visits as the Clinic continues to thrive notwithstanding the challenges most clinics have faced due to the recent COVID-19 pandemic. Management will remain with the Company to continue to accelerate growth across the state of Florida. Further, management will leverage their knowledge of developing a working and robust multi-disciplinary practice of allied health offerings...