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Toronto-based Greenbrook TMS to acquire Achieve TMS for $10.5M

Greenbrook TMS Inc.'s wholly owned subsidiary TMS Neurohealth Centers Inc. agreed to acquire Achieve Tms Centers LLC and Achieve TMS Alaska LLC, collectively known as Achieve TMS, for $10.5 million.

Toronto-based Greenbrook will indirectly acquire all of the issued and outstanding equity in Achieve TMS, net of Achieve TMS’ cash and debt and subject to customary working capital adjustments.

Under the agreement, 30% of the purchase price will be represented by the issuance of Greenbrook's common shares to the sellers.

About 70% of the purchase price will be paid in cash.

Additionally, 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 acquisition.

The acquisition is expected to close in the third quarter of 2019, subject to customary closing conditions and regulatory approvals.

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.