TORONTO – Centric Health Corporation (TSX:CHH), a diversified healthcare company, says it has struck a deal to acquire 75 per cent of Performance Medical Group, an Ontario-based company which sells foot orthotic services, medical braces, laser and shockwave therapy.
The value of the cash and share deal announced Friday is about $10 million – made up of $3 million in cash and three million Centric Health common shares at $2.33 each.
The transaction will be carried out by Centric’s LifeMark Health unit and gives Centric Health the ability to sell orthotic and bracing services across the company, including its surgical, eldercare and home care, and physiotherapy divisions.
“The acquisition provides Centric Health with a significant opportunity to expand and implement Performance Medical Group’s products and services throughout the group,” Daniel Carriere, Centric’s CEO, said before stock markets opened Friday.
Craig Gattinger, CEO of LifeMark, said Friday’s deal ” “presents a natural addition to our physiotherapy clinics.”
“We expect that the ability of Performance Medical Group to both custom fit and custom manufacture orthotic products for our patients will provide for the best available treatment options.”
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