IMAC Holdings has lined up its second acquisition this year of a Florida chiropractic clinic and will place that company’s founder in charge of its partnerships with managed care networks.
Brentwood-based IMAC isn’t yet saying how much it’s paying for the assets of Willmitch Chiropractic in Tampa. The all-cash deal is scheduled to close this week and valued Willmitch at a maximum of 1.45 times the trailing 12 months of cash flow of its patient base, the company said. That’s in line with what six-year-old IMAC is paying for an Orlando clinic in a deal expected to close late this month.
“We continue to execute our strategy of targeted expansion in geographies contiguous to existing markets at favorable valuations,” IMAC CEO Jeff Ervin said in a statement. “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.”
Once the deal has been completed, Willmitch Chiropractic founder Martin Willmitch will become IMAC’s vice president of managed care. In his statement, Ervin lauded Willmitch’s ability to build partnerships with insurers as a stand-alone clinic.
IMAC’s pending deal for Willmitch along with its Orlando plan to buy Synergy Healthcare will add to the local company locations that handled more than 18,000 patients visits last year. By way of comparison, IMAC’s existing network of about 15 clinics booked nearly 38,000 billable visits in the third quarter of 2020.
IMAC shares (Ticker: IMAC) rose nearly 6 percent to $1.96 Friday and are up 45 percent since last summer.
This story first ran in our partner publication the Nashville Post.