CRH Medical (CRHM) Announces Acquisition of Oak Tree Anesthesia Associates, LLC
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CRH Medical Corporation ("CRH", or the "Company") (TSX: CRH) (NYSE MKT: CRHM), announces that it completed an accretive transaction whereby the Company has acquired Oak Tree Anesthesia Associates, LLC ("Oak Tree"), a gastroenterology anesthesia practice located in Edison, New Jersey.
Oak Tree represents the Company's 32nd acquisition, and provides anesthesia services to a single ambulatory surgery center located in New Jersey. The transaction was financed through a combination of CRH's credit facility and cash on hand.
Oak Tree Transaction Highlights:
- Estimated annual revenue of US $1.5 million
- EBITDA and cash flow accretive
Dr. Tushar Ramani, CEO of CRH, commented on the transaction, "The acquisition of Oak Tree represents our first acquisition in New Jersey, as well as our first acquisition in 2021. We now provide services to 70 ambulatory surgery centers across 14 states, and our robust business development pipeline should support additional growth opportunities for CRH as we progress through 2021."
Jay Kreger, President of CRH Anesthesia, added, "We are excited to welcome Oak Tree's team of talented providers onto the CRH platform. We believe our scale, reputation and focus will enable us to continue to expand our anesthesia footprint while maintaining our high level of commitment to exceptional patient care."
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