IMAC Holdings enters Chicago market with acquisition

Apr. 02, 2019 10:49 AM ETIMAC Holdings, Inc. (BACK)By: Akanksha Bakshi, SA News Editor
  • IMAC Holdings (NASDAQ:IMAC -0.5%) announces the signing of a merger agreement to acquire ISDI Holdings, Inc., a practice management group that manages three clinics in the Chicago area.
  • The three managed clinics had consolidated net revenue of $5M and net income of $0.8M for the 12 months ended December 31, 2018.
  • IMAC will issue 1,002,306 shares of common stock at closing. ISDI Holdings, Inc., the parent company of the Chicago clinics’ management, will merge with and into IMAC’s wholly-owned subsidiary IMAC Management of Illinois, LLC.
  • IMAC expects to identify ~$50k of annual cost synergies.
  • The transaction expected to close in 2Q19.

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