Audax Group has acquired the Lifemark Health and Viewpoint Medical Assessments divisions of Centric Health Corporation for total cash consideration of C$245 million, subject to working capital adjustments, plus up to C$5 million in contingent consideration based on the operating performance of the two divisions.
Lifemark Health provides physiotherapy and rehabilitation treatment to patients in over 100 clinics as well as long-term care centers, retirement homes, and communities across Canada. Through these same clinics, Viewpoint Medical provides independent medical assessments and examinations. Both Lifemark and Viewpoint are led by CEO Peter Stymiest and are based in Toronto (www.lifemark.ca) (www.viewpointmedical.ca).
“Lifemark Health is a recognized market leader in the Canadian medical assessments and physiotherapy treatment markets. We look forward to partnering with Peter Stymiest and the entire Lifemark team to continue growing the business organically and through acquisitions,” said Geoffrey Rehnert, Co-CEO of Audax Group.
Debt financing for this transaction was provided by Antares (www.antares.com) and Sankaty Advisors (www.sankaty.com).
Centric Health received financial advice from Montreal-based National Bank Financial (www.nbc.ca) and Toronto-based Canaccord Genuity (www.canaccordgenuity.com). Legal advice was provided by Montreal-based Stikeman Elliott (www.stikeman.com). Audax received legal advice from Toronto-based Blake, Cassels & Graydon (www.blakes.com).
Centric Health, the seller of Lifemark and Viewpoint, is a national provider of healthcare services in Canada. Proceeds from the sale of these two divisions will be used to lower leverage and allow the company to focus on its specialty pharma and surgical centers divisions. Centric Health is headquartered in Toronto (www.centrichealth.ca).
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-14-16
