BREAKING NEWS: Skylight Health Group (CSE: SHG) (OTCQX: SHGFF)
80BREAKING NEWS: Skylight Health Group (CSE: SHG) (OTCQX: SHGFF) - December 10, 2020 - RICH TV LIVE - 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.
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 to expand services within existing SHG clinics across other US markets. This will immediately drive new service opportunities for the current Skylight Health national base of 120,000 patients and add new insurable services revenues organically.
Prad Sekar, CEO, Skylight Health said “This acquisition is a critical component in building our multi-disciplinary model by the addition of a proven management team to help SHG build out its robust national platform. The Clinic has been innovative in its approach to bridge wellness and traditional healthcare together. This aligns with SHG’s platform model and enables us to rapidly expand on services to the growing Florida market and simultaneously integrate these services across our other US markets improving the lives of our national roster of patients. Accretive acquisitions remain our number one focus and we are beyond excited to add the Clinic to our growing network of practices.”
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