- Proposed acquisition to add one new animal hospital to Inspire's network of 13 animal hospitals.
- Expansion into a new state, Pennsylvania.
- Pipeline of attractive acquisitions of animal hospitals remains active; Future acquisitions to be announced in 2023.
- The transaction is anticipated to close October 2023.
VIRGINIA BEACH, VA / ACCESSWIRE / September 21, 2023 / Inspire Veterinary Partners, Inc. (Nasdaq:IVP) ("Inspire" or the "Company"), an owner and provider of pet health care services throughout the US, today announced that it has entered into a non-binding letter of intent to acquire a 100% ownership interest in one animal hospital located in Pennsylvania, a first for Inspire and follows its recently announced LOI for 2 animal hospitals in Oregon.
Inspire expects to acquire real estate associated with the purchase. The proposed acquisition is subject to customary closing conditions and is currently expected to be completed as early as the third quarter of 2023.
Inspire's due diligence review of the target acquisition has already commenced, and upon satisfactory completion, the Company intends to proceed towards executing a definitive acquisition agreement and closing the transaction as soon as all closing conditions are met.
Kimball Carr, Chairman, Chair, President & Chief Executive Officer of Inspire, stated, "We're excited to continue our growth nationwide and for Pennsylvania to be added to the list of states at which Inspire and our hospital teams serve clients and pets each day. We look forward to more anticipated growth in the great Commonwealth of Pennsylvania and the Eastern U.S."
The letter of intent is non-binding and subject to additional diligence and other factors, and as such, there can be no assurance that the Company will enter into a definitive acquisition agreement or that the terms of any such agreement will not change, or that the proposed acquisition will be consummated in the third quarter of 2023 or at all.
About Inspire Veterinary Partners, Inc.
Inspire Veterinary Partners is an owner/operator of veterinary hospitals in the US. As the Company expands, it expects to acquire additional veterinary hospitals, including mixed animal facilities, critical and emergency care, and other specialty services such as equine, in additional locations.
For more information, please visit: www.inspirevet.com.
Connect with Inspire Veterinary Partners, Inc.
No Offer or Solicitation
This press release relates to the proposed acquisitions. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This press release contains forward-looking statements regarding the Company's current expectations. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the anticipated acquisitions, or factors that result in changes to the Company's anticipated results of operations related to the anticipated acquisitions. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company's Registration Statement on Form S-1 filed with the SEC. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
SOURCE: INSPIRE VETERINARY PARTNERS, INC.
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