ENDV Huge news out : today announced a Letter of Intent to purchase a highly-regarded market leading specialty concrete services company located in the Southern U.S. with unaudited 2021 revenue of $47.7M
Thursday, June 09 2022 2:02 PM, EST Endonovo Therapeutics Announces LOI to Acquire Specialty Construction Company GlobeNewswire "Press Releases"
Los Angeles, CA , June 09, 2022 (GLOBE NEWSWIRE) -- Endonovo Therapeutics Inc. (OTCQB:ENDV) today announced a Letter of Intent to purchase a highly-regarded market leading specialty concrete services company located in the Southern U.S. with unaudited 2021revenue of $47.7M and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $5.3M .
Since 2018, growth for the target company has gone from $9.5 Million in revenue to over $47 Million in 2021 for an average CAGR of 106%. Once completed, the Target and is expected to significantly increase performance of Endonovo as a holding company and supplement financial results from its traditional product line of medical devices for post-operative pain treatment.
The purchase price of the acquisition is set at 4X trailing 12 months EDITDA; subject to a three-year GAAP audit of financial results, financing and certain potential hold-back provisions.
We are moving ahead with our previously-announced Build Up Strategy of acquiring specialty service providers in the construction industry to provide an anticipated steady stream of sales and earnings to complement our expected periodic influx of same from our medical devices and IP, according to Endonovo CEO Alan Collier .
We expect that the completion of the LOI to acquire the highly profitable and market leading target company will establish Endonovos standing as a successful holding company by delivering long-term fundamental shareholder value for investors, Collier said.
While the name of the target acquisition is being withheld due to mutual confidentiality understandings, we can say at this time that the market opportunities of the Target show tremendous potential for growth in its historical market and beyond, Collier said. In addition, Endonovos management can work with existing management to grow outside of the targets immediate geographic area and further expansion into commercial construction from its present base of primarily residential construction, Collier pointed out.
Additional acquisition highlights include but are not limited to;
20+ years of profitable/growing operations;
A long-term reputation of high quality delivery of its services and on time performance
Proprietary software which provides detailed management information to staff;
An ability to expand easily to different geographic areas further expanding the target company dominance within its geographic area;
The Target has experienced exponential growth since its inception in 2004
Collier concluded: While we are focusing on this and additional acquisitions in the service sector, management is moving forward with programs to capitalize on our portfolio of commercial and clinical-stage wearable therapeutic devices and IP. As we have pointed out before, we expect to emerge as a diverse holding company combining strong historical revenue with proven intellectual property.
Endonovos business as a developer of bioelectronic medical devices and commercialization efforts regarding its flagship SofPulsedevice is still the focus of current business plan. The SofPulsedevice is cleared by the FDA for reduction of post-operative pain and edema. It offers a non-opioid, non-invasive, non-pharmaceutical pain mitigation treatment and has no known side effects based upon more than 20,000+ surgical uses since its introduction.
