Orthopedic rehabilitation clinic operator IMAC Holdings has moved into Florida with the purchase of a clinic south of Fort Myers.
Terms of the all-cash deal for Chiropractic Health of Southwest Florida aren’t being disclosed beyond IMAC officials saying they paid about one time the practice’s cash flow. The addition grows Brentwood-based IMAC’s network of clinics to 15 in Tennessee, Missouri, Illinois and Kentucky.
“This established practice serves a region where we believe IMAC can make a significant impact on the quality of life of its residents while providing additional value for our shareholders,” said CEO Jeff Ervin.
IMAC shares (Ticker: IMAC) was changing hands Tuesday afternoon at $1.45, up slightly on the day. Over the past six months, they have lost about 60 percent of their value.