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Greenbrook TMS completes US$10.5M acquisition of Achieve TMS

Greenbrook TMS Inc. completed its acquisition of Achieve TMS Centers LLC and Achieve TMS Alaska LLC, collectively known as Achieve TMS, for US$10.5 million.

Toronto-based Greenbrook issued 1,431,736 common shares to satisfy about US$2.6 million of the purchase price.

A part of the purchase price is subject to an earn-out based on EBITDA generated by Achieve TMS during the one-year period following the closing of the deal.

Greenbrook is a leading provider of transcranial magnetic stimulation, or TMS, an FDA-approved procedure that uses magnetic fields to stimulate regions of the brain responsible for mood regulation and improve symptoms of depression. It is used when other treatments prove ineffective.

Achieve TMS operates 21 TMS centers in California, Oregon and Alaska.