Allied Healthcare International Inc. Acquires BiJu Limited
09 Maio 2011 - 8:00AM
Marketwired
Allied Healthcare International Inc. (NASDAQ: AHCI), a leading
homecare provider of health and social care in the United Kingdom
and Ireland, announced today that its U.K. subsidiary, Allied
Healthcare Group Limited, has acquired the entire issued share
capital of BiJu Limited.
Operating from Lancaster, BiJu supplies homecare services to
clients throughout Lancashire. Established in 1991 by Bill and
Julie Evans, BiJu is one of the Social Service Directorate
Preferred Providers and has been awarded 3 stars (Graded Excellent)
by the care industry's regulatory body Care Quality Commission.
BiJu also holds the Investors in People (IIP) award. BiJu supplies
a comprehensive range of care services, including rehabilitation,
physical disabilities, sensory impairment and extra care sheltered
housing projects.
Allied expects this acquisition to be accretive to its earnings.
Allied has acquired BiJu for maximum total consideration of £1.6
million ($2.6 million). Initial consideration of £1.28 million
($2.1 million) was paid on completion of the transaction and was
funded through Allied's cash on hand. Additional consideration of
£0.32 million ($0.5 million) could become payable after 12 months
depending on the level of gross profit generated in the business
during the next 12-month period equating to a pro forma earnings
before interest, tax, depreciation and amortization of £0.37
million ($0.61 million).
Sandy Young, Chief Executive Officer of Allied, commented, "The
BiJu acquisition is in line with our strategy of expanding Allied's
geographic footprint and enhancing value for our shareholders. The
transaction will provide us with an enlarged market position within
the County of Lancashire in the North West of England as well as a
platform to expand across Lancashire.
"BiJu is a high quality business recognized for a diverse range
of high quality care services. The company has also successfully
developed and grown its Self Directed Support services, which is
now the preferred route for commissioning by the Local Authority. I
am delighted to welcome the BiJu employees into the Allied
Healthcare Group and to build upon our companies' strengths,"
concluded Mr. Young.
About Allied Healthcare International Inc.
Allied Healthcare International Inc. is a leading homecare provider
of health and social care in the United Kingdom and Ireland. Allied
operates a community-based network of approximately 120 branches
with the capacity to provide carers (known as home health aides in
the U.S.), nurses, and specialized medical personnel to locations
covering approximately 90% of the U.K. population. For more news
and information please visit: www.alliedhealthcare.com.
Forward-Looking Statements Certain
statements contained in this news release may be forward-looking
statements. These forward-looking statements are based on current
expectations and projections about future events. Actual results
could differ materially from those discussed in, or implied by,
these forward-looking statements. Factors that could cause actual
results to differ from those implied by the forward-looking
statements include: general economic and market conditions; the
effect of the change in the U.K. government and the impact of
proposed changes in recent policy making related to health and
social care that may reduce revenue and profitability; the impact
of the HM Treasury Comprehensive Spending Review 2010 setting out
the U.K. government's plans to reduce spending; the introduction by
the U.K. government of individualized budgets and direct payments
for service users, which could lead our hospital, healthcare
facility and other customers to bypass our services and which might
decrease our revenues and margins; Allied's ability to continue to
recruit and retain flexible healthcare staff; Allied's ability to
enter into contracts with local government social services
departments, NHS Trusts, hospitals, other healthcare facility
clients and private clients on terms attractive to Allied; the
general level of demand and spending for healthcare and social
care; dependence on the proper functioning of Allied's information
systems; the effect of existing or future government regulation of
the healthcare and social care industry, and Allied's ability to
comply with these regulations; the impact of medical malpractice
and other claims asserted against Allied; the effect of regulatory
change that may apply to Allied and that may increase costs and
reduce revenues and profitability; the effect of existing or future
government regulation in relation to employment and agency workers'
rights and benefits, including changes to National Insurance rates
and pension provision; Allied's ability to use net operating loss
carry forwards to offset net income; the effect that fluctuations
in foreign currency exchange rates may have on our
dollar-denominated results of operations; and the impairment of
goodwill, of which Allied has a substantial amount on the balance
sheet, may have the effect of decreasing earnings or increasing
losses. Other factors that could cause actual results to differ
from those implied by the forward-looking statements in this press
release include those described in Allied's most recently filed SEC
documents, such as its most recent annual report on Form 10-K, all
quarterly reports on Form 10-Q and any current reports on Form 8-K
filed since the date of the last Form 10-K. Allied undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
CONTACT Allied Healthcare International Inc. Sandy Young
Chief Executive Officer Paul Weston Chief Financial Officer +44 (0)
1785 810600 Or ICR, LLC Sherry Bertner Managing Director +1 646 277
1247 Sherry.Bertner@icrinc.com
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