Milford Anesthesia is Acquired by EmCare, a division of Emergency Medical Services
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.
About Edgemont Capital Partners
Edgemont Capital Partners, a leading healthcare investment banking firm, acted as exclusive financial advisor to Milford Anesthesia Associates.
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