CRH Medical Corporation Acquires Majority Stake in Florida Panhandle Anesthesia Associates to Expand GI Anesthesia Services

VCBeat (WeChat ID: vcbeat) learned from foreign media that on December 17, 2019, Canadian company CRH Medical Corporation announced the acquisition of Florida Panhandle Anesthesia Associates and now holds a 51% equity stake in the entity.

This acquisition marks Florida Panhandle’s sixth in the state of Florida and was financed through a combination of CRH’s credit facility and cash on hand. Following the completion of the transaction, CRH Medical Corporation will collaborate with Florida Panhandle to advance the expansion of gastrointestinal anesthesia services in Florida.

CRH Medical Corporation, founded in 2000 and headquartered in Vancouver, Canada, is a company that provides commercial healthcare products and services, dedicated to offering therapeutic solutions and products to gastroenterologists across the United States. CRH Medical commercializes the O’Regan System (an innovative treatment for hemorrhoids) by collaborating directly with private physicians to establish strong business relationships.

In December 2014, CRH Medical Corporation entered the gastrointestinal (GI) anesthesia services sector, committing to the expansion of its GI anesthesia service business. To date, CRH has completed 25 anesthesia acquisitions, provides approximately 270,000 cases of service annually, and has signed exclusive service agreements with 39 gastroenterology centers across the United States.

CRH Medical Corporation has identified endoscopic procedure anesthesia services as a large and rapidly growing market. Colonoscopy is one of the most common endoscopic procedures, regarded as the gold standard for colorectal cancer screening and detection, and serves as the primary modality in most gastrointestinal examination practices. Currently, the United States is increasing the number of individuals aged 50 and older who undergo regular colorectal cancer screening; as of last year, 80% of adults in this age group were screened. Consequently, the frequency of this procedure has been rising year over year nationwide, driving increased demand for gastrointestinal anesthesia services.

Dr. Tushar Ramani, CEO of CRH Medical Corporation, stated, “We are pleased to announce our latest acquisition in Florida. The addition of Florida Panhandle Anesthesia Associates expands our presence in the state, where we will now have six anesthesia groups.”

Jay Kreger, President of Anesthesia at CRH Medical Corporation, stated, “The acquisition of Florida Panhandle Anesthesia Associates was proposed by our existing anesthesia partners. With the rapid development of our acquisition pipeline, we expect to continue advancing the transaction with Florida Panhandle Anesthesia Associates in 2020.”

(Compiled by Yang Xiaohui)