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Irwin Naturals completes acquisition of three mental-healthcare clinics in Florida

Published: 08:20 09 Dec 2022 EST

Irwin Naturals Inc. -

Irwin Naturals Inc. (CSE:IWIN) told investors it has completed the acquisition of the assets of Clare Clinic, Inc, doing business as Florida Mind Health Center, which operates three healthcare clinics in Florida, offering ketamine-assisted therapy, NAD+ and other IV therapies.

The company said the clinics, located in Gainesville, Tallahassee and Panama City, will join Irwin Naturals Emergence, a fast-growing national chain offering psychedelic mental healthcare that now includes eight clinics in Florida.

“Our roll-up is quickly gathering momentum,” the company's CEO Klee Irwin said in a statement. “This is the eighth ketamine clinic we are adding to our growing portfolio in Florida and is part of our 17 clinics which we have either acquired or have a definitive agreement to acquire in the near future, in over ten states."

READ: Irwin Naturals makes progress with its expansion strategy in 3Q

As consideration for the asset purchase, which it entered into in October, Irwin Naturals said it will provide the sellers with cash payments as well as 1.5 million subordinate voting shares upon closing.

The transaction also includes an additional contingent consideration based on future milestones related to operational and profitability targets to be satisfied in shares, the company added.

Irwin Naturals said building a national chain will create some efficiencies and the cost-benefits that come from economies of scale. The incorporation of its best practices over time will also help drive down operating costs, resulting in savings that can be passed on to customers by providing sliding-scale discounts, it noted.

“Our mission is to make this amazingly effective treatment available and accessible throughout the country and beyond,” Klee Irwin added. “We continue to add to our bottom line through these highly accretive transactions as we focus on acquiring profitable operations.”

Zohar Levites, founder of Florida Mind Health Center, added: “We are very excited to be merging with Irwin Naturals and to be a part of something bigger in a field that could transform the way disorders are treated in Florida and nationwide. As a partner of Irwin Naturals Emergence, we will be able to offer cutting-edge services and compassionate care under the name of a household brand with decades of trust among customers.”

Founded in 1994, Irwin Naturals provides best-in-class nutraceutical products which are stocked on the shelves of more than 100,000 storefronts in North America.

Contact the author at stephen.gunnion@proactiveinvestors.com

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