“BPC has been an exceptional partner for us, not just in service and analytical skills, but in providing real business advice that comes from actual operational experience in addition to their banking experience.”- Frank A. Martin, Chairman, I-Trax, Inc.
December 17, 2007 – I-trax, Inc. (AMEX:DMX – News), the parent company of CHD Meridian Healthcare, a leading provider of workplace healthcare and wellness solutions, announced today that it has completed its previously announced acquisition of ProFitness Health Solutions, LLC (PFHS) of Shelton, CT.
ProFitness Health Solutions, a privately held company, provides employer-sponsored wellness and fitness programs, along with occupational health services, in 22 states and three Canadian provinces for more than 50 clients. With nearly 500 employees located at more than 100 fitness and health centers, PFHS also provides wellness services remotely to its clients’ employees at a significant number of locations.
“Our research and client feedback consistently prove that gains in employee health and productivity are best driven by integrated health, wellness and fitness services at the workplace,” said R. Dixon Thayer, chief executive officer of CHD Meridian Healthcare. “Trusted fitness and wellness professionals can produce significant increases in employee engagement and participation, which lead to improved program results and cost savings. We’re looking forward to welcoming the PFHS associates and clients into CHD Meridian Healthcare.”
ProFitness Health Solutions was founded in 1983 and provides comprehensive fitness and wellness program management, occupational health programming, sports and recreation services, and fitness center design, consulting and evaluation services. “Joining forces with CHD Meridian Healthcare is a win-win for our clients and for our associates,” said Tom Sabia, president and chief operating officer of PFHS. “CHD Meridian brings financial strength, management experience, clinical and operational excellence and corporate resources that will benefit our clients, their employees and our associates. Culturally, our organizations are aligned and we’re equally passionate about client and participant satisfaction.”
The combined organization will serve more than 150 clients and will have more than 300 total site locations throughout the United States and Canada. “We have already identified and started working on some mutual client and proposal opportunities, which is strong early confirmation of the leverage we expect to achieve through this acquisition,” I-trax Chairman Frank A. Martin said. “This is an exciting time for our company and our clients,” Martin added. “We believe that acquiring ProFitness Health Solutions will add to our projections for an already-strong organic growth rate in 2008. And it underscores our commitment to leading the industry in workplace healthcare and integrated wellness and fitness services.”
I-trax is a leading provider of integrated workplace health and productivity management solutions. Serving 105 clients in 35 states, I-trax offers on-site health centers through its CHD Meridian Healthcare, LLC subsidiary, which delivers primary care, acute care corporate health, occupational health and pharmacy care management services, as well as integrated disease management, wellness and disability management programs. CHD Meridian is focused on making the workplace safe, helping companies achieve employer of choice status, and reducing costs while improving the quality of care received and the productivity of the workforce. Managing employer-sponsored health centers for over 40 years, some of CHD Meridian Healthcare’s clients include: BMW, Coors Brewing Company, Coushatta Casino Resort, Deutsche Bank, Eastman Chemical, Fieldale Farms, Horizon Blue Cross Blue Shield of New Jersey, Lowe’s, Toyota and UnumProvident. For more information, visitwww.chdmeridian.com.
Bryant Park Capital acted as financial advisor to I-trax, in connection with this transaction. For more detail, see the press release.