IMAC Holdings enters Chicago market with acquisition

|About: IMAC Holdings, Inc. (IMAC)|By:, SA News Editor

IMAC Holdings (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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