Sterling Healthcare Group, Coral Gables, Fla., has acquired Regional Emergency Services, Birmingham, Ala., for $400,000 and 132,216 of its 4.6 million common stock shares.
Regional manages 14 hospital emergency department contracts in Alabama, Mississippi and Tennessee. It reported pre-tax income of $184,000 on revenues of $8.1 million in 1993.
Regional became a wholly owned subsidiary of Sterling and will remain in Birmingham.
With Regional, Sterling manages 57 emergency departments in 12 states. In 1993, Sterling reported net income of $1.3 million on revenues of $46.8 million.
In April, Sterling won approval from the Securities and Exchange Commission to merge with Frost Hanna Halpryn Capital Group, a publicly traded company.
Since the merger, Sterling has raised $6 million for capital expansion, said Jack Greenman, Sterling's chief financial officer. Sterling plans to make additional acquisitions, Mr. Greenman said.