American Dental Partners Completes Affiliation With Christie Dental Partners
01 Dezember 2009 - 11:02PM
Marketwired
American Dental Partners, Inc. (NASDAQ: ADPI) announced today that
it has completed the previously announced acquisition of certain
non-clinical assets of Christie Dental Practice Group, P.L. and
Christie Dental Partners, Inc. (collectively, "Christie Dental")
and entered into a 40-year service agreement with Christie Dental
Practice Group, P.L. The purchase price paid in connection with the
acquisition consisted of cash in the amount of $27 million and was
funded by cash on hand and the Company's senior secured credit
facility. Following the completion of the acquisition, the Company
had approximately $100 million outstanding under its credit
facility.
Founded in 1997, Christie Dental is a multi-specialty dental
group with 55 dentists and 26 practice locations in the Melbourne,
Ocala and Orlando, Florida markets and generates approximately $25
million in patient revenue annually.
American Dental Partners is one of the nation's leading business
partners to dental group practices. The Company is affiliated with
27 dental group practices that have 267 dental facilities with
approximately 2,276 operatories located in 19 states.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively affect the
matters herein described, including but not limited to the
Company's risks associated with overall or regional economic
conditions, dependence upon affiliated dental practices, contracts
its affiliated practices have with third-party payors, government
regulation of the dental industry, impact of health care reform,
dependence upon service agreements and the impact of any
terminations or potential terminations of such contracts, business
interruptions, the outcome of pending litigation and the Company's
acquisition and affiliation strategy, which are detailed from time
to time in the "Risk Factors" section of the Company's filings with
the Securities and Exchange Commission, including the annual report
on Form 10-K for the year ended December 31, 2008 and quarterly
reports on Form 10-Q.
Contacts: Gregory A. Serrao Chairman, President and Chief
Executive Officer 781-224-0880 Breht T. Feigh Executive Vice
President, Chief Financial Officer and Treasurer 781-224-0880
American Dental Partners, Inc. 401 Edgewater Place, Suite 430
Wakefield, MA 01880 Phone: 781/224-0880 Fax: 781/224-4216
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