VCA ACQUIRES ASHER VETERINARY HOSPITAL IN REDDING, CALIF.
VCA ACQUIRES ASHER VETERINARY HOSPITAL IN REDDING, CALIF. SANTA MONICA, Calif., Dec. 17 /PRNewswire/ -- Veterinary Centers of America (AMEX: VET/VET.W), one of the largest providers of veterinary services in the United States, has acquired Asher Veterinary Hospital, Redding, Calif., for cash and notes subject to financial performance, VCA Chairman and Chief Executive Officer Robert L. Antin announced today. VCA also acquired an option to purchase a second veterinary hospital, Companion Veterinary Hospital, also located in Redding, Antin said. "Asher Veterinary Hospital has been in operation more than 20 years and is the premier provider of veterinary services in the Redding community," he said. He said that the hospital's revenues are approximately $1 million a year. Antin noted that Asher Hospital is VCA's first acquisition since its initial public offering of 2.4 million shares of common stock and 2.4 million redeemable warrants in October 1991. "This is the first step in our program to acquire select veterinary hospitals throughout the Unites States utilizing proceeds of the public offering," Antin said. He noted that the acquisition represents VCA's second hospital in the Northern California market. Redding is approximately 150 miles north of Sacramento, Calif. Antin said the present medical staff will continue to operate the hospital. "VCA will bring to Asher Hospital the efficiencies of centralized management and administrative systems, the economies of centralized purchasing and the support of a strong capital base and marketing program," he said. VCA owns and operates a network of 13 veterinary hospitals and a veterinary clinical laboratory in Los Angeles and Orange counties, Calif.; San Jose, Calif.; Redding; Phoenix; and Lakewood, Colo. -0- 12/17/91 /CONTACT: Robert L. Antin, chairman and CEO of Veterinary Centers of America, 310-829-7533; or Thomas O. Wick of Financial Relations Board, 818-783-2400, for Veterinary Centers of America/ (VET) CO: Veterinary Centers of America ST: California IN: SU: TNM
SE-KJ -- LA004 -- 2870 12/17/91 10:30 EST
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|Date:||Dec 17, 1991|
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