A. Soriano Corp. (Anscor), the investment holding firm of the Soriano family, has acquired MDI Medical LLC, a US-based company that provides temporary staffing services of healthcare professionals, for $2 million.
In a disclosure to the Philippine Stock Exchange, Anscor said the purchase price was determined using a 0.22 multiple over 2007 sales of $9.1 million.
The acquisition, which will be funded by internally-generated cash, is intended to complement Anscor’s US-based travel and international nurse staffing businesses, Cirrus Holdings USA LLC in Charlotte, North Carolina acquired in January 2008, and Medtivia in Houston, Texas.
Anscor also has an existing nurse recruitment agency in the Philippines, International Quality Manpower Services Inc.
Financial and tax due diligence were conducted by Ernst & Young LLP – Houston, Texas while Jones Day in Atlanta, Georgia acted as the legal advisor and conducted legal due diligence for the acquisition.
Founded in 2002, MDI is a Joint Commission on Accreditation of Health Organizations-certified company that specializes in the placement of travel therapists and therapist assistants, focusing in physical therapy, occupational therapy and speech language pathology.
MDI recruits therapists and assistants and places them on contracts averaging 13 weeks with hospitals and clinics throughout the United States.
Last year, Anscor invested $20 million in healthcare, nursing education, and a new system for hotel reservations, using proceeds from the sale of its stake in port operator International Container Terminal Services Inc. and SPI Technologies Inc.
Just recently, Anscor sold 18.34 percent of its stake in Phelps Dodge Philippines Inc. (PDPI), the largest wire and cable manufacturer in the Philippines, to Canada-based General Cable Corp. for P641.49 million. The sale will raise General Cable’s stake in the cable manufacturing firm to 60 percent from 40 percent with the remaining stake held by Anscor.
Aside from PDPI, Anscor has interests in contact center operator eTelecare Global Solutions Inc. and Seven Seas Resort, which operates the exclusive Amanpulo Resort in Palawan.
Anscor is planning to continue to focus on the services, tourism and business knowledge process outsourcing sectors to ensure long-term growth.