Centric Health Corporation (“Centric Health”), Canada's leading diversified healthcare services company acquired Motion Specialties Inc. (“Motion Specialties”). Motion Specialties is comprised of the amalgamation of all 24 Motion Specialties businesses and locations in three provinces of Canada. Motion Specialties is a leading home-health care provider offering a selection of health care equipment. The total consideration to be paid by Centric Health for Motion Specialties is based on a three-year performance-based formula, comprising $30 million in cash and the issuance of up to 12.5 million Centric Health common shares, a portion of which is to be released on achieving the actual EBITDA performance targets over a three-year period. Centric Health will also issue warrants to the vendors to purchase up to 7.5 million Centric Health common shares accrued based on outperformance of the total three-year EBITDA target.
Motion Specialties was represented by Torkin Manes LLP with a team led by Matthew Tevlin and including Glen Eddie.
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