Company announces second Florida acquisition this year

BRENTWOOD, Tenn, Feb. 04, 2021 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announces its continued market expansion in Florida with the asset purchase of Willmitch Chiropractic in Tampa. The all-cash transaction is scheduled to close on Monday, February 8.

Under the terms of the asset purchase agreement, the acquisition price of Willmitch Chiropractic represents a maximum 1.45 times trailing twelve months cash-flow of its existing patient base, depending on a seller earn-out provision. Additionally, Willmitch Chiropractic’s founder, Martin Willmitch, will remain with the Company and serve as Vice President of Managed Care of IMAC.

“The acquisition of Willmitch is an excellent addition to our growing network of centers for movement-restricting conditions and diseases. We continue to execute our strategy of targeted expansion in geographies contiguous to existing markets at favorable valuations,” commented Jeffrey Ervin, IMAC’s Chief Executive Officer. “We believe industry price compression has created market conditions that are advantageous to fulfill our growth strategy, while utilizing proceeds from recent financings to improve our operating cash flow.”

This acquisition further supports the Company’s focus on meeting increased demand and awareness for non-surgical movement and spinal care medical services while strategically expanding its Florida presence, following a recently announced acquisition in Orlando scheduled to close February 28. Collectively, the two clinics received more than 18,000 patient visits in 2020.

“While we are excited about adding a practice with decades of historical success, IMAC has the potential to benefit most from Marty’s addition to the team,” continued Jeffrey Ervin. “He was able to develop unique partnerships with managed care networks and his innovative initiatives have the ability to drive value in each of IMAC’s markets.”

“IMAC recognizes the value of excellent patient care and its high standards will ensure that Willmitch’s client base will continue to receive the quality care they deserve. In the meantime, I am excited about the opportunity to introduce IMAC’s conservative care services and cost savings to managed care organizations I’ve worked with during time as a single practice. I look forward to this new chapter with IMAC and to seeing the business continue to grow,” added Martin Willmitch.