Centric to sell physiotherapy, rehab units to Audax for $245 mln
Centric Health Corp (TSX: CHH) has agreed to sell substantially all of the businesses within its physiotherapy, rehabilitation and medical assessments division to Audax Private Equity, the mid-market private equity arm of U.S.-based Audax Group. The all-cash deal, expected to close within 90 days, is priced at $245 million, plus an additional $5 million payment tied to performance thresholds. Peter Stymiest, COO of the Centric units being sold, will as a result of the deal become CEO of the new entity under Audax's ownership. Toronto-based Centric said it will use a portion of the net proceeds to lower its debt and reduce leverage. Last year, Centric sold its retail home medical operations to Birch Hill Equity Partners.
25 November 2015•7 mins read
