Paragon Care to buy REM SYSTEMS NZ

Company News

by Rachael Jones

Paragon Care (ASX:PGC) has reached agreement to acquire REM SYSTEMS, one of New Zealand’s most highly regarded healthcare businesses.

REM is a specialised medical distribution company supplying acute care hospitals, day surgeries, allied health clinics, medical practices and veterinary clinics throughout New Zealand and Australia.

REM has a forecast revenue base of approximately NZ$68m and an FY18 EBITDA of NZ$7.2m for this financial year.

Paragon has agreed to acquire REM for a net Enterprise Value of NZ$54.4m. Approximately 80% in cash - NZ$43.9 and 20% in fully paid ordinary shares in Paragon – NZ$10.5m

Shares in Paragon Care (ASX:PGC) up 6.13 per cent 86c.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.