IMAC Holdings Acquires Active Medical Center in Southwestern Chicago Suburb
June 25 2021 - 8:00AM
IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the
“Company”), a provider of innovative medical advancements and care
specializing in regenerative rehabilitation orthopedic treatments
without the use of surgery or opioids, announces the Company’s
expansion in the Chicago market with the asset purchase of Active
Medical Center’s Naperville, Illinois location, effective Monday,
June 28.
Active Medical Center is a medical clinic that
addresses a wide variety of orthopedic treatments for various
conditions through a combination of medical and physical
rehabilitation services. The medical clinic will be rebranded as a
Mike Ditka IMAC Regeneration Center, the third such location in the
Chicago metro area and the first in the southwestern suburbs of
Chicago.
“Active Medical Center’s Naperville practice is
a great addition to our current treatment centers in the Chicago
market. We look forward to expanding our Chicago presence with an
established facility and talented team,” commented Jeff Ervin,
IMAC’s Chief Executive Officer.
The practice was purchased for an undisclosed
amount that represents approximately 2.0x 2020 cash flow. Immediate
expense synergies are expected to deliver an additional 0.4x cash
flow annually. This acquisition price is consistent with the
Company’s targeted capital allocation for such acquisitions.
Moreover, the medical focus of Active Medical Center is consistent
with the Company’s focus of offering non-surgical pain treatment
options and sports medicine services.
“We firmly believe in the price discipline
within our acquisition strategy to grow existing and neighboring
markets. This is our fourth acquisition in 2021 and we have a
robust pipeline of targets to continue our strategy into the second
half of the year," concluded Mr. Ervin.
About IMAC Holdings,
Inc.
IMAC was created in March 2015 to
expand on the footprint of the original IMAC Regeneration Center,
which opened in Kentucky in August 2000. IMAC
Regeneration Centers combine life science advancements with
traditional medical care for movement restricting diseases and
conditions. IMAC owns or manages over 15 outpatient
medical clinics that provide regenerative, orthopedic and minimally
invasive procedures and therapies. It has partnered with several
active and former professional athletes including Ozzie Smith,
David Price, Mike Ditka and Tony Delk to emphasize its focus
treating sports and orthopedic injuries and movement-restricting
diseases without surgery or opioids. IMAC also operates the
BackSpace retail spine health and wellness treatment centers. More
information about IMAC Holdings, Inc. is available
at www.imacholdings.com.
# # #
Safe Harbor Statement
This press release contains forward-looking
statements. These forward-looking statements, and terms such as
“anticipate,” “expect,” “believe,” “may,” “will,” “should” or other
comparable terms, are based largely
on IMAC's expectations and are subject to a number of
risks and uncertainties, certain of which are
beyond IMAC's control. Actual results could differ
materially from these forward-looking statements as a result of,
among other factors, risks and uncertainties associated with its
ability to raise additional funding, its ability to maintain and
grow its business, variability of operating results, its ability to
maintain and enhance its brand, its development and introduction of
new products and services, the successful integration of acquired
companies, technologies and assets, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the skills and experience necessary to meet customers’
requirements, and its ability to protect its intellectual
property. IMAC encourages you to review other factors
that may affect its future results in its registration statement
and in its other filings with the Securities and Exchange
Commission. In light of these risks and uncertainties, there can be
no assurance that the forward-looking information contained in this
press release will in fact occur.
IMAC Press Contact:
Laura Fristoe
lfristoe@imacrc.com
Investor Relations:
Bret Shapiro
(516) 222-2560
brets@coreir.com
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