Greenbrook TMS Announces Closing of Achieve TMS East and Central Acquisition
01 October 2021 - 11:07PM
Business Wire
Greenbrook TMS Inc. (TSX: GTMS) (NASDAQ: GBNH)
(“Greenbrook” or the “Company”), a leading provider
of Transcranial Magnetic Stimulation (“TMS”) therapy in the
United States, is pleased to announce the closing of the
acquisition of Achieve TMS East, LLC (“Achieve TMS East”)
and Achieve TMS Central, LLC (“Achieve TMS Central”, and
together with Achieve TMS East, “Achieve TMS
East/Central”).
The initial aggregate purchase price for Achieve TMS
East/Central was US$8.0 million, net of Achieve TMS East/Central’s
cash and debt and subject to customary working capital adjustments.
In addition, a portion of the total purchase price payable in
respect of the Acquisition is subject to a capped earn-out of up to
an additional US$2.5 million based on the financial performance of
Achieve TMS East during the twelve-month period following
completion of the acquisition.
Bill Leonard, President and CEO commented: “I am thrilled to
announce that we have acquired Achieve TMS East and Achieve TMS
Central, adding 17 centers into the Greenbrook family. This
acquisition brings the Greenbrook care experience to more
communities, and further strengthens our platform for sustained
growth. Changing patients’ lives for the better is the fuel that
motivates our work. I’m excited to welcome Achieve TMS East and
Achieve TMS Central into the Greenbrook family and look forward to
the impact we will all have together.”
About Greenbrook TMS Inc.
Operating through 148 Company-operated treatment centers,
Greenbrook is a leading provider of TMS therapy, an FDA-cleared,
non-invasive therapy for the treatment of Major Depressive Disorder
and other mental health disorders, in the United States. TMS
therapy provides local electromagnetic stimulation to specific
brain regions known to be directly associated with mood regulation.
Greenbrook has provided more than 675,000 TMS treatments to over
19,000 patients struggling with depression.
Forward-Looking Statements:
Certain information in this press release, including with
respect to the Company’s future financial or operating performance,
constitutes forward-looking information within the meaning of
applicable securities laws in Canada and the United States,
including the United States Private Securities Litigation Reform
Act of 1995. In some cases, but not necessarily in all cases,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects”
or “does not expect”, “is expected”, “should”, “an opportunity
exists”, “is positioned”, “estimates”, “intends”, “assumes”,
“anticipates” or “does not anticipate” or “believes”, or variations
of such words and phrases or state that certain actions, events or
results “may”, “could”, “would”, “might”, “will” or “will be
taken”, “occur” or “be achieved”. In addition, any statements that
refer to expectations, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent management’s expectations,
estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by the Company as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
“Risk Factors” section of the Company’s current annual information
form and in the Company’s other materials filed with the Canadian
securities regulatory authorities and the SEC from time to time,
available at www.sedar.com and www.sec.gov, respectively, including
the Base Shelf Prospectus and the Registration Statement. These
factors are not intended to represent a complete list of the
factors that could affect the Company; however, these factors
should be considered carefully. There can be no assurance that such
estimates and assumptions will prove to be correct. The
forward-looking statements contained in this press release are made
as of the date of this press release, and the Company expressly
disclaims any obligation to update or alter statements containing
any forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
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For further information contact: Glen Akselrod Investor
Relations Greenbrook TMS Inc. Contact information:
investorrelations@greenbrooktms.com 1-855-797-4867
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