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University General Health System Buys Luxury Hospital Service Provider
By: TexasBusiness.com Posted: Tuesday, February 7, 2012 2:49 pm
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Texas Business reports: HOUSTON—University General Health System Inc., a diversified, integrated multi-specialty health delivery system, finalized the acquisition of Sybaris Group LLC, a luxury hospitality service provider and facilities management company headquartered in Houston.
Sybaris Group LLC provides environmental, food and nutrition, and facilities management services to twelve clients in the Houston metropolitan area, including University General Hospital. Sybaris, with nearly 100 employees, achieved almost $5.5 million in revenues and an estimated EBITDA of $500,000 in the year ended December 31, 2011.
The acquisition, for 5 million shares of UGHS common stock, will increase University General Health Systems' shareholders' equity by approximately $1.5 million.
“The acquisition of Sybaris by University General Health System will allow us to grow more rapidly and leverage the scalability of our business model,” said Sybaris Group chief executive Diron Blackburn in a prepared statement. “We are delighted to join the UGHS team, as we are mutually committed to the expansion of the regional health delivery system.”
“The quality of services provided by Sybaris will contribute to the success of our growth strategy, allow us to continue providing concierge-level services to our patients and physicians as we expand into new markets, and contribute to our bottom line, which is of paramount interest to our shareholders,” said University General Health System chief executive Hassan Chahadeh in a statement. “We expect the acquisition to increase our EBITDA by more than $1.0 million annually. Sybaris will contribute to our integrated, diversified model, and we are delighted to have Mr. Blackburn and his quality management team join our company.”
University General Health System is a diversified, integrated multi-specialty health care provider that delivers concierge physician- and patient-oriented. The company currently operates one hospital, two free-standing emergency rooms, and one ambulatory surgical center in the Houston area. University General also owns three senior living facilities and manages six senior living facilities, and it plans to complete additional acquisitions in 2012 and future years in Houston and other markets.
The company is headquartered in Houston. |
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