Jack Nathan Medical Corp., a provider of primary care medical clinics located in WalmartSupercentres under the Jack Nathan Health (TSX-V:JNH, OTCQB:JNHMF) (JNH) brand in Canada and Mexico, has announced the acquisition of its second medical clinic in British Columbia, Canada.
This marks the company’s seventh corporate-owned and operating medical clinic within the Walmart Canadian footprint.
The newly acquired JNH medical clinic is located in the Walmart Supercentre in Courtenay, British Columbia and is within close proximity to its recently acquired medical clinic in Campbell River, as announced in June 2021. Through its growing network of medical practitioners, JNH will provide high-quality medical care to individuals and families and is open to walk-in patients during clinic hours.
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In a statement, Michael Marchelletta, co-founder, and interim chief executive officer of Jack Nathan Health (TSX-V:JNH, OTCQB:JNHMF) commented: “We continue to execute on our growth plans throughout Canada. In 2021, we have acquired five medical clinics in Ontario and two in British Columbia, added two JNH MedSpas, acquired Writi Inc., and have expanded our footprint and service offerings. While COVID-19 challenges are still evident across the healthcare sector in Canada, we expect to drive growth and improve our bottom-line performance as we expand. Our goal remains to be the trusted medical resource for a larger population in Canada and Mexico.”
The consideration for the acquisition is comprised of an initial cash payment of $97,200 and the issuance of 92,816 JNH common shares. Additionally, there are total cash earnout payments of $145,800 and 139,224 JNH common shares, which are to be earned out over four separate six-month intervals spanning two years post-closing.
Dr Glenn Copeland, chief medical officer of Jack Nathan Health, said: “We have the ability to expand our corporate run medical and paramedical service offerings, which in turn, provides greater value to patients in need of care. This is a critical element of our strategy -- to become a one-stop multi-disciplinary medical destination. Privately and corporately owned, we offer a multitude of services, including MedSpa, Rehab, Dental and other Specialty Programs. We have plans to introduce JNH MedSpa and JNH Rehab at other Walmart locations in Canada this year, while concurrently broadening our offering to deliver the best and most convenient patient experience.”
Jack Nathan Medical Corp., operating as Jack Nathan Health, is one of Canada’s largest health care networks. It is an innovative health care company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart stores.
Jack Nathan Health was established in 2006 and continues to expand its geographic footprint, delivering exceptional state-of-the-art, turn-key medical centres in 76 Walmart locations across Canada including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, as well as 77 corporate-owned and operated locations in Mexico, in addition to servicing certain Walmart Distribution Centres in Mexico.
Contact the author at jon.hopkins@proactiveinvestors.com