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Protech Home Medical to acquire Cooley Medical for C$3.1M

Protech Home Medical Corp. agreed to acquire Cooley Medical Inc. for a total cash consideration of about C$3.1 million and assumption of C$900,000 of debt.

Kentucky-based Cooley Medical provides respiratory services in eastern and central Kentucky and delivers 17,000 pieces of rental equipment to patients per year.

The acquisition will expand Protech's operations to an additional 34 counties in Kentucky, eight in Indiana and five in Virginia.

Following the acquisition, Protech, a healthcare services provider also based in Kentucky, expects about C$9 million increase in annual revenues and an increase in adjusted EBITDA between C$1.6 million and C$1.9 million.

Upon closing of the deal, Protech said it will have over C$9 million in cash for additional acquisitions.