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Hanger Orthopedic Group Signs Definitive Merger Agreement To Acquire Accelerated Care Plus
Date:10/18/2010

AUSTIN, Texas, Oct. 18 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) today announced the signing of a definitive merger agreement for the acquisition of Reno, Nevada-based Accelerated Care Plus (ACP), the nation's leading provider of integrated clinical programs for sub-acute and long-term care rehabilitation providers.  Consideration for the acquisition is approximately $155 million in cash and ACP is debt free. Hanger intends to fund the transaction through cash on hand and a concurrent refinancing and expansion of its senior credit facilities.  Senior management of ACP will buy approximately 500,000 shares of Hanger common stock immediately after consummation of the transaction.

A new but related growth platform for Hanger, ACP has current contracts to serve more than 4,000 out of a total market of approximately 15,000 skilled nursing facilities (SNF) nationwide, including 22 of the 25 largest national providers.  ACP's unique value proposition is to provide its customers with a full-service "total solutions" approach encompassing proven medical technology, evidence-based clinical programs, and continuous onsite therapist education and training.  Their services support increasingly-advanced treatment options for a broader patient population and more medically-complex conditions.  ACP's revenue is derived directly from its customers who are the top and most recognized SNF operators and contract therapy providers.

Hanger anticipates this transaction will be consummated before the end of 2010, subject to customary closing conditions, including regulatory approvals, as well as the successful completion of Hanger's planned financing.  The Company has secured a financing commitment from a syndicate of leading financial institutions, including BofA Merrill Lynch; Jefferies & Company; Oppenheimer & Co.; SunTrust R
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SOURCE Hanger Orthopedic Group, Inc.
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