PainCare Holdings, an ambulatory surgery and rehabilitation center operator and orthopedic PPM, has agreed to purchase a two-physician pain management practice in Lakeland, Fla., for as much as $7.75 million in cash and stock, the company said Tuesday.
PainCare, based in Orlando, Fla., will buy Health Care Center of Tampa for more than $1.9 million in cash and 809,315 shares of the publicly traded company's stock, also valued at just above $1.9 million. Additionally, PainCare says it will make additional payments of up to $3.9 million in cash and common stock if the Lakeland clinic achieves unspecified earnings goals in the next three years.
Health Care Center of Tampa is owned by pain management specialist Saqib Bashir Khan, M.D., who founded the anesthesiology and orthopedic rehabilitation practice in 1987, according to a PainCare statement. It serves nearly 10,000 patients a year from across central Florida.
The acquisition will give PainCare ownership of nine physician practices in minimally invasive surgery, orthopedic care and pain management. The company also operates or is in the process of opening 28 rehab sites across the country, according to a spokesperson.