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Extendicare Inc. completed its acquisition of all the issued and outstanding shares of Closing the Gap Healthcare Group Inc. Closing the Gap Healthcare Group has been a recognized leader in home and community healthcare for thirty-five years. Extendicare is a leading provider of care and services for seniors across Canada.
The transaction was valued at approximately $75.5 million, subject to customary working capital and other adjustments. The transaction also includes an earnout tied to new business revenue generation in the twelve months after closing, which is anticipated to add approximately $3.5 to $5.5 million to the purchase price, payable on the first anniversary of closing.
Torys LLP acted as legal advisor to Extendicare. Origin Merchant Partners acted as financial advisor to Closing the Gap, with Aird & Berlis LLP as legal advisor.
Parties
Company
Extendicare Inc.
Company
Closing the Gap Healthcare Group
Deal Type
Merger & AcquisitionIndustry
HealthcareTransaction
$ 75,500,000Deal Status
ClosedClosing Date
01 July 2025