Joint Corp Buys Clinics In Albuquerque, Inland Empire For Undisclosed Terms
Joint Corp (NASDAQ: JYNT), a national operator, manager and franchiser of chiropractic clinics, revealed that its recent purchase of the clinics in Albuquerque and Inland Empire markets. According to the company, it resulted in an additional six company-owned or managed clinics. However, the company did not disclose the terms of the transactions.
Joint Corp said that this represented another step in its strategy to expand its brand nationally by developing company-owned or managed and franchised clinics in concentrated, targeted clusters across the country.
The company indicated that it acquired three previously franchised clinics located in the Albuquerque, New Mexico market in April last, and acquired three previously franchised clinics located in Riverside County and San Bernardino County, California, in early May.
Joint Corp's CEO John Richards commented, "These acquired clinics are strategically and financially very favorable to The Joint Corp., as they not only expand the number of clinics that we own or manage, but are immediately accretive to Adjusted EBITDA. We will continue to apply our clustering strategy to our company clinics as we continually seek to leverage and improve system wide operational and marketing efficiencies."
He added, "Our acquisitions in Albuquerque and the Inland Empire reflect our continued effort to enhance access to high quality, affordable chiropractic care in core markets."
On Tuesday, the stock traded 1.34 percent higher.
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