Following Record Q2 Results, Nova Leap Health Corp. Announces Execution of Definitive Agreement to Acquire Home Care Business in Massachusetts

Industry News   •   September 25, 2019

HALIFAX, Nova Scotia, Sept. 25, 2019 (GLOBE NEWSWIRE) — NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or “the Company”), a 2019 TSX Venture 50™ ranked company focused on the home health care industry, is pleased to announce that it has executed a definitive agreement (the “Agreement”), dated September 25, 2019, to acquire a home care services company (“the Target”) located in Massachusetts.  The Target reported unaudited revenues of approximately $1,270,000, net income of approximately $63,300 and adjusted EBITDA of approximately $85,500 for the year ended December 31, 2018.  All amounts are in United States Dollars (“USD”) unless otherwise specified.

Under the terms of the Agreement, the acquisition is to be made for total cash consideration of $375,000 and will be paid from cash on hand.  The acquisition is expected to close in early November, 2019 and is expected to be immediately accretive.  Closing of the acquisition is subject to final due diligence and lender approval.

“The Massachusetts market has represented our largest area of expansion,” said Chris Dobbin, President & CEO of Nova Leap. “On closing, this tuck-in acquisition will complement our existing operations.”

This article originally appeared in an article in GlobeNewswire.