Gastroenterology products and services provider CRH Medical has been acquired by Well Health, a Santa Barbara, Calif.-based company focused on consolidating clinical and digital assets in the healthcare industry.
Well Health acquired all issued and outstanding shares of CRH Medical at $4 per share, representing an equity consideration of $286.6 million and a transaction value of about $372.9 million.
The CRH acquisition is Well Health's largest to date, Hamed Shahbazi, Chairman and CEO, said in an April 22 news release.
"CRH's profitability and cash-flow generation will provide Well with ample opportunities to allocate capital and increase inorganic growth."
CRH posted a 21 percent year-over-year increase in fourth-quarter revenue and is expected to see continued growth in 2021, fueled by trends in caseloads, billing rates and organic and acquisitive expansion.
Tushar Ramani, MD, chair and CEO of CRH, will continue to lead the company, which is Well Health's seventh business unit.
CRH will implement Well's technology and digitization tools to improve services, add revenue streams and deliver "more value to our healthcare partners and their patients," Dr. Ramani said.