TORONTO, Nov. 1, 2021 /CNW/ - Andlauer Healthcare Group
Inc. (TSX: AND) ("AHG" or the "Company") today
announced that it has closed its previously announced acquisitions
(the "Acquisitions") of 100% of T.F. Boyle Transportation,
Inc. ("Boyle Transportation") and 51% of Skelton
USA Inc. ("Skelton USA"), increasing AHG's aggregate
ownership of Skelton USA to
100%.
The purchase price for Boyle Transportation was approximately
US$80 million (subject to customary
purchase price adjustments) and was satisfied through the issuance
of 522,116 subordinated voting shares and cash of approximately
US$60 million. The purchase price for
the 51% interest in Skelton USA
was approximately C$50 million and
was satisfied through the issuance of 518,672 subordinated voting
shares and cash of approximately $25
million. AHG financed the cash portion of the purchase
price for the Acquisitions with the proceeds of its recently
completed equity offering.
Boyle Transportation provides specialized transportation
services to clients in the life sciences and government/defense
sectors and Skelton USA
specializes in the transportation of refrigerated healthcare
products. Boyle Transportation and Skelton USA will join AHG's comprehensive platform of
dedicated healthcare supply chain solutions and will continue to be
led by their respective executive leadership teams.
"We are thrilled to be welcoming the Boyle Transportation team
to Andlauer Healthcare Group and look forward to continued growth
with Skelton USA", stated
Michael Andlauer, Chief Executive
Officer of AHG.
"We're proud to join the Andlauer team," stated Andrew Boyle and Marc
Boyle, Co-Presidents of Boyle Transportation. "As part
of the highly regarded AHG platform, we are confident that this
strategic move will help Boyle Transportation and AHG deliver a
broader suite of services to our valuable clients and apply our
expertise on a greater scale."
"Skelton USA's relationship
with the team at AHG has been exceptional and we look forward to
continuing our partnership." said Ron
Skelton, President of the Skelton Companies.
Advisors
Goodmans LLP acted as legal counsel to AHG, Nutter McClennen
& Fish LLP acted as legal counsel to Boyle Transportation and
Owens Wright LLP is acting as legal counsel to Skelton USA.
Bengur Bryan & Co., Inc. acted as the exclusive financial
advisor to Boyle Transportation.
About Boyle Transportation
Boyle Transportation is a specialized transportation logistics
provider delivering exceptional quality, safety and security to
select clients in the life sciences and government/defense sectors.
Its long-term, exclusive focus on these technical and
quality-focused markets is accomplished through stringent quality
standards, highly trained and dedicated professionals, and
continual investment in technology and equipment. Headquartered in
Massachusetts, Boyle
Transportation operates throughout the 48 contiguous United States and to/from Canada. For more information on Boyle
Transportation, please visit: www.boyletransport.com
About Skelton USA
Skelton USA is an affiliate
company of Skelton Canada Inc. and has grown its fleet size to 75
trucks and 100 trailers since its founding in 2017. With its
highly specialized validated and qualified equipment, Skelton
USA has developed a niche in the
transportation of temperature-controlled plasma products and
vaccines, as well as temperature sensitive 2° to 8° Celsius
medicines. For more information on Skelton, please visit:
www.skeltontruck.com
About AHG
AHG is a leading and growing supply chain management company
offering a robust platform of customized third-party logistics
("3PL") and specialized transportation solutions for the healthcare
sector. The Company's 3PL services include customized logistics,
distribution and packaging solutions for healthcare manufacturers
across Canada. AHG's specialized
transportation services, including air freight forwarding, ground
transportation, dedicated delivery and last mile services, provide
a one-stop shop for clients' healthcare transportation needs.
Through its complementary service offerings, available across a
coast-to-coast distribution network, the Company strives to
accommodate the full range of its clients' specialized supply chain
needs on an integrated and efficient basis. For more information on
AHG, please visit: www.andlauerhealthcare.com
Forward Looking Information
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities laws,
including statements regarding the anticipated benefits of the
Acquisitions. In some cases, forward-looking information can
be identified by the use of forward-looking terminology such as
"plans", "targets", "expects", "is expected", "an opportunity
exists", "budget", "scheduled", "estimates", "outlook",
"forecasts", "projection", "prospects", "strategy", "intends",
"anticipates", "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might" or, "will", "occur" or "be achieved", and
similar words or the negative of these terms and similar
terminology. In addition, any statements that refer to
expectations, intentions, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are
not historical facts but instead represent management's
expectations, estimates and projections regarding future events or
circumstances.
This forward-looking information is based on our opinions,
estimates and assumptions that, while considered by the Company to
be appropriate and reasonable as of the date of this press release,
are subject to known and unknown risks, uncertainties, and other
factors that may cause the actual results, level of activity,
performance or achievements to be materially
different from those expressed or implied by such
forward-looking information, including but not limited to: the risk
that the acquired companies will not perform in accordance with
expectations and past history; the risk that the acquired companies
may not be efficiently integrated or that synergies will not be
realized; and those other risks discussed in greater detail under
the "Risk Factors" section of our Annual Information Form which is
available under our profile on SEDAR at www.sedar.com. If any of
these risks or uncertainties materialize, or if the opinions,
estimates or assumptions underlying the forward-looking information
prove incorrect, actual results or future events might vary
materially from those anticipated in the forward-looking
information. Although we have attempted to identify important risk
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
risk factors not presently known to us or that we presently believe
are not material that could also cause actual results or future
events to differ materially from those expressed in such
forward-looking information.
There can be no assurance that forward-looking statements
will prove to be accurate as actual outcomes and results may differ
materially from those expressed in these forward-looking
statements. Readers, therefore, should not place undue reliance on
any such forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, AHG assumes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
All of the forward-looking information contained in this
press release is expressly qualified by the foregoing cautionary
statements.
SOURCE Andlauer Healthcare Group Inc.