FORT MYERS, Fla., March 1, 2011 /PRNewswire/ -- Radiation Therapy Services Holdings, Inc. ("Radiation Therapy") announced today that its wholly-owned subsidiary, Radiation Therapy Services International, Inc., has acquired Medical Developers, LLC ("MDLLC"), the leading private developer and operator of cancer treatment facilities in Latin America.
The total purchase price was approximately $80.0 million, consisting of $47.5 million in cash, $16.25 million in senior subordinated notes and $16.25 million in equity of affiliates of Radiation Therapy. The cash portion was financed through the issuance of $50.0 million of additional senior subordinated notes. Under the terms of the agreement, Radiation Therapy purchased an additional 72% of the business resulting in a 91% ownership interest in the Latin American entities. MDLLC generated revenues of $53.1 million and pro forma adjusted EBITDA of $17.5 million in 2010, with respective growth rates of 28% and 36%.
"Medical Developers represents a great fit for Radiation Therapy from both a strategic and financial perspective," said Dr. Daniel Dosoretz, President and Chief Executive Officer. "With 29 centers in six Latin American countries, MDLLC serves to drive continued growth while also providing geographic and payer diversification. Additionally, its significant foothold in the regions in which it operates positions Radiation Therapy to capitalize on the growing pipeline of opportunities for de novo centers and acquisitions. From a financial perspective, MDLLC's strong free cash flow and the structure of the transaction will have a deleveraging effect and further enable us to make investments in our long-term growth."
About Radiation TherapyRadiation Therapy, which operates radiation treatment centers primarily under the name of 21st Century Oncology, is a provider of advanced radiation therapy services to cancer patients. The Company's 95 treatment
|SOURCE Radiation Therapy Services Holdings, Inc.|
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