Benzinga | Mar 11, 2021 08:10AM EST

CRH Medical Reports Startup Joint Venture, Will Own 51% Interest In Gastroenterology Anesthesia Practice In Largo, Florida

CRH Medical Corporation ("CRH", or the "Company") (TSX:CRH) (NYSE:CRHM) today announces a startup joint venture ("JV") where CRH owns a 51% interest in a gastroenterology anesthesia practice located in Largo, Florida. The JV services a single ambulatory surgery center ("ASC").

CRH and its partners will contribute this entity into its existing JV with FDHS Anesthesia, LLC.

Financial Highlights:

* Estimated annual revenue of US $1.7 million

* EBITDA and cash flow accretive

Dr. Tushar Ramani, CEO of CRH, commented on the JV, "We now provide services to 71 ambulatory surgery centers across 14 states, and we see ample opportunity for additional business development execution over the remainder of 2021."

Jay Kreger, President of CRH Anesthesia, added, "We are excited about being chosen as a partner for this group of dedicated providers, who share our commitment towards patient care, while at the same time increasing our ASC footprint in Florida to 12 centers. This initiative demonstrates not only our flexible business development approach, but also reinforces our commitment to growth."

Today's announcement marks the second transaction announced in 2021. On Feb 9th, 2021, the company announced that it had closed the acquisition of Edison, NJ based gastroenterology anesthesia practice, Oak Tree Anesthesia Associates or "Oak Tree", its 32nd acquisition and first of 2021.

The Company is well poised to continue its strong growth given its organic and inorganic growth plans. The Company has more than 500 prospects in its watch-list and continues to actively work on acquiring strong and resilient businesses.