08:50 AM EDT, 07/02/2025 (MT Newswires) -- Extendicare ( EXETF ) on Wednesday said its wholly owned home healthcare unit, ParaMed, completed the previously announced acquisition of all of the issued and outstanding shares in Closing the Gap Healthcare Group.

A statement noted ParaMed acquired Closing the Gap on a debt-free, cash-free basis. The aggregate cash consideration for the transaction was $75.5 million, subject to customary working capital and other adjustments. The transaction also includes an earnout tied to new business revenue generation in the 12 months after closing. The company anticipates that the additional purchase price from the earnout will be in the range of $3.5 to $5.5 million, payable on the first anniversary of closing. The purchase price was funded from cash on hand and existing senior secured credit facilities.

The company also increased its existing senior secured credit facility by $100 million, to a total of $375 million. The $100 million is comprised of an additional $55 million in the delayed draw term loan facility and $45 million in the revolving credit facility.

Extendicare ( EXETF ) said it intends to draw the additional $55 million delayed draw facility in the third quarter and added that the $190 million revolving facility is available for working capital and general corporate purposes, including capital expenditures and acquisitions.

Shares of the company closed up 2.1% to $14.14 last Monday on the Toronto Stock Exchange.