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April 1, 2014
05:22 EDTPRSCProvidence Service acquires Ingeus for $58M
Providence Service announced that it has entered into an agreement to acquire Ingeus. Providence will acquire 100% of Ingeus for $58M in cash payable at closing and restricted stock and cash with a combined value of $23.7M subject to a vesting schedule of four years. To the extent certain thresholds and performance hurdles are met during the five-year period following closing of the transaction, Providence could also pay up to $124M in the form of contingent earn-out payments. The transaction is anticipated to be accretive to EPS in 2014 and is expected to close in Q2, subject to customary regulatory approvals and closing conditions. Ingeus generated revenue and adjusted EBITDA for the twelve months ended December 31, 2013 of $345M, and $56M, respectively. Revenue and adjusted EBITDA have grown at compounded annual growth rates of 26.6% and 18.7% over the last three years, respectively. In 2013 Ingeus generated over 70% of its revenue in the United Kingdom, with the majority of other revenue coming from France and Saudi Arabia.
News For PRSC From The Last 14 Days
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January 16, 2015
07:46 EDTPRSCProvidence Service appoints James Lindstrom as CFO
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07:34 EDTPRSCIntegrated Electrical CEO James Lindstrom resigns
Integrated Electrical (IESC) announced that James Lindstrom has resigned as chairman, CEO and president of IES effective January 16 in order to take an executive role with The Providence Service Corporation (PRSC). As part of the succession plan, the board has nominated David Gendell, who has served as a director since 2012, as non-executive chairman to ensure a smooth transition and to lead IES's executive team. The board has also appointed Robert Lewey as Interim COO effective immediately, which he will serve as in addition to his role as CFO, with responsibility for managing IES's four operating divisions. The board intends to evaluate the company's president and CEO roles with a view to determining if changes to those positions would be appropriate and in the company's best interests.

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