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Providence Service Corporation Signs Definitive Agreement to Acquire LogistiCare, the Nation's Leading Case Management Provider Coordinating Non-Emergency Transportation Services for the Medicaid Population
Date:11/6/2007

Acquisition Highlights: - Compelling strategic rationale that allows the combined company to better serve beneficiaries and state payor customers - LogistiCare LTM September 2007 revenue of $319 million - 75 contracts in 18 states; 8,310,000 eligible members - Strong and growing 2008 contract pipeline of $165 million - Accretive to EPS in 2008 by approximately $0.06 to $0.10 before synergies - Forecast 2008 revenue of $363 million for a

combined revenue of $673 million

TUCSON, Ariz., Nov. 6 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced that it has signed a definitive merger agreement to acquire 100% of the outstanding stock of Charter LCI Corporation, the holding company of LogistiCare, Inc., from Charterhouse Group Inc., Summit Partners and AlpInvest Partners, Inc. Based in Atlanta, Georgia, LogistiCare is the nation's largest case management provider coordinating non- emergency transportation (NET) services primarily to Medicaid recipients. The transaction is expected to close prior to the end of the calendar year, subject to the satisfaction of customary closing conditions, including Hart- Scott-Rodino clearance.

Financial Considerations

The purchase price of approximately $220 million is roughly 9x estimated 2007 EBITDA. The $220 million purchase price consists primarily of cash with approximately $13.9 million in LogistiCare employee stock options that are being cancelled and exchanged into Providence Service Corporation common stock. In addition, Providence may make an earn out payment of up to $40 million in 2009, based on LogistiCare's financial performance through fiscal year December 31, 2008. Over the trailing 12 m
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SOURCE Providence Service Corporation
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