Agility Health Inc. announced that the company has entered into a letter of intent to acquire an undisclosed target company.
Expected to occur in the third quarter of 2014, the total acquisition consideration of $20.8 million cash at closing represents less than five times the anticipated pro forma earnings before interest, taxes, depreciation and amortization of the combined entity, according to a company press release. The acquisition would also expand Agility Health operations to more than 200 sites across 26 states with more than 1,800 employees providing services for approximately 2 million patient visits per year, making it one of the largest independent providers for contract physical rehabilitation services to acute care hospitals in the United States.
“This would be an important milestone in Agility’s stated objective to becoming a national presence in the physical rehabilitation market, with revenues having grown under Agility’s current leadership from $20 million in 2003 to what would be over $100 million following the acquisition,” Steven N. Davidson, chief executive officer of Agility Health, stated in a press release.
