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news.Emergent Group has announced that its subsidiary, PRI Medical Technologies, has entered an agreement to purchase the surgical services division of PhotoMedex.
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The PhotoMedex (PHMD) division provides mobile laser services in 11 Northeast, Mid-Atlantic and Southeast states, serving 18 individual local markets expanding PRI’s geographic coverage to a total of 16 states.
PRI intends to expand the PHMD division’s products available for sale by making PRI’s full product line available to the division’s salespeople and customers.
The purchase price of the PHMD division is approximately $3.5 million plus closing expenses, subject to adjustment. The purchase price is being paid by Emergent through borrowings from an institutional lender of approximately $1.75 million, a private sale of the restricted securities of approximately $1 million with the balance paid from existing cash.