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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.
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May 11, 2015
17:11 EDTPRSCProvidence Service CEO Warren Rustand announces he will step down
The Providence Service Corporation announced CEO Warren Rustand has informed the Providence Board of Directors that he will be stepping down from his role as the CEO and as a Board Director. Providence's Chairman, Chris Shackelton, will assume the CEO role on an interim basis until a replacement is named. A transition of Rustand's responsibilities as CEO has commenced, with a formal title change anticipated to occur on June 1. The Providence Board has engaged Heidrick & Struggles International, Inc. to conduct a broad and comprehensive search for a full time CEO replacement. The search is expected to be completed over the next few months. Rustand has agreed to remain with the Company as a Senior Advisor for the remainder of 2015.
17:09 EDTPRSCProvidence Service reports Q1 adj EPS 77c, may not compare to consensus 38c
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