Anscor unit to buy US healthcare firm for $2M
Philippine Daily Inquirer
First Posted 02:36:00 07/23/2008
The holding firm A. Soriano Corp. (Anscor) said one of its units in the United States had entered into an agreement to acquire American healthcare service provider MDI Medical LLC for $2 million.
The acquisition is expected to bolster and support Anscor’s healthcare businesses in the United States.
In a disclosure to the stock exchange, Anscor said its US unit Cirrus Medical Staffing Inc. entered into a purchase agreement on all outstanding membership units in MDI Medical, a Georgia-based limited liability company providing temporary staffing services of healthcare professionals in the United States.
The deal was sealed Tuesday, said sources of the Philippine Daily Inquirer. The acquisition is to be funded by Anscor’s internally generated cash, they said.
MDI Medical sales amounted to $9.1 million in 2007.
The purchase agreement took effect July 21, when the sellers received confirmation of their receipt of the purchase price.
Anscor said it pursued the acquisition to complement its US-based travel and international nurse staffing businesses—Cirrus Holdings LLC in Charlotte, North Carolina, which it bought in January 2008, and US affiliate Medtivia in Houston, Texas.
Medtivia sources contracts from hospitals for nurses recruited by Anscor unit IQMan.
Anscor also has a nurse recruitment agency in the Philippines, International Quality Manpower Services Inc.
MDI Medical, founded in 2002, is a company certified by the Joint Commission on Accreditation of Health Organizations (JCAHO) specializing in placement of travel therapists and therapist assistants, focusing in physical therapy, occupational therapy and speech language pathology.
The JCAHO is a private-sector accreditation agency.
The sellers, Ella Koscik and Candace Berk, are the sole owners of MDI Medical. Elizabeth Sanchez-Lacson; edited by INQUIRER.net
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