GBNH - Greenbrook to acquire Success TMS for ~$27.3M

Greenbrook TMS (NASDAQ:GBNH) said Monday it will acquire Check Five, doing business as Success TMS, a transcranial magnetic stimulation therapy provider. Success TMS' direct and indirect owners will receive ~11.9M shares of Greenbrook. Each consideration share will have an implied value equal to the volume-weighted average price of Greenbrook's shares on the Toronto Stock Exchange for the 5-day period ending 2 trading days prior to the deal's closing date. Based on the current stock price, the purchase price is ~$27.3M, of which ~$20.5M will be payable on closing and $6.8M will be held in an escrow account. GBNH said the acquisition could potentially add over $30M in consolidated revenues on a full-year basis. Near term post-acquisition synergies may be able to produce EBITDA positive operations for the combined firm and accelerate GBNH's timeline to profitability. The acquisition will add 45 additional active TMS centers to GBNH's existing service delivery platform. Success

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Greenbrook to acquire Success TMS for ~$27.3M