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News Breaks
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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October 1, 2015
16:09 EDTPRSCProvidence Service appoints Shackelton as CFO
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