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Emergency Medical Services Corporation (NYSE: EMS) (The Company) today
announced that an affiliate of its EmCare segment has entered into a
definitive agreement to acquire Milford Anesthesia Associates, an
anesthesia provider based in Milford, Connecticut (Milford).
Founded in 1984, Milford has approximately 100 clinicians and provides
outsourced anesthesia services to nine hospitals and 18 ambulatory
surgical centers in Connecticut and Massachusetts. Upon completion
of the transaction, Milford will operate under its present brand as
part of EmCare's anesthesia services group, AnesthesiaCare. Upon
completion, the Company expects that the acquisition will contribute
approximately $40 million in annual net revenue.
William A. Sanger, EMSC Chairman and Chief Executive Officer, said, "Milford
has a strong reputation for providing quality patient care and exceptional
client service and maintaining long standing relationships in Connecticut
and Massachusetts. This acquisition provides us with a solid platform for
continued growth in the anesthesia services market. This transaction is
consistent with our strategy of partnering with quality providers to
expand our presence in individual service lines and increase our
opportunities for growth through cross-selling." The transaction is expected to close within 30 days, subject to
customary closing conditions.
About Emergency Medical Services Corporation
Emergency Medical Services Corporation (EMSC) is a leading provider of
emergency medical services in the United States. EMSC operates two business
segments: American Medical Response, Inc. (AMR), the Company's healthcare
transportation services segment, and EmCare Holdings Inc (EmCare), the
Company's outsourced facility-based physician services segment. AMR is
the leading provider of ambulance services in the United States. EmCare
is a leading provider of outsourced physician services to healthcare
facilities. In 2009, EMSC provided services in 13.0 million patient
encounters in more than 2,200 communities nationwide. EMSC is headquartered
in Greenwood Village, Colorado. For additional information,
visit www.emsc.net.
Edgemont Capital Partners, a leading healthcare investment banking firm,
acted as exclusive financial advisor to Milford Anesthesia Associates.
CONTACT:
At Edgemont Capital Partners
Jeff B. Swearingen, Managing Director
Phone: 212-867-8935 Fax: 212-937-3816
Luke J. Mitchell, Vice President
Phone: 212-867-8935 Fax: 212-214-0918
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