CBI Health

March 23, 2006 09:18 ET

CBI Health Completes Management Buyout Agreement With Select Medical Corporation

TORONTO--(CCNMatthews - Mar 23, 2006) -

CBI Health, a leading Canadian rehabilitation company with over 120 health centres, today announced it has completed a management buyout, in partnership with Toronto-based private equity firm Callisto Capital, from its parent company Select Medical Corporation. All of the current CBI Health management team will continue to direct the company, its regions, divisions, subsidiaries and international affiliations. Financial details of the deal were not disclosed.

"Our growth as a company has focused on building both scale and depth. It is my firm belief that CBI Health now represents the strongest platform on which to continue to build a broader more diversified company in the delivery of healthcare services in Canada," said Christopher Szybbo, President of CBI Health. "Today's announcement only strengthens our focus on providing more access and better health outcomes to patients and communities across Canada."

For over 30 years, CBI Health has been recognized for its progressive concepts and integration of professional staff in the development of clinical protocols and care practice standards, and provides services in physical, occupational and exercise therapies supported by a broad range of medical and paramedical specialist consultants.

"We expect that the current market conditions and trends will lead to opportunities for continued organic and acquired growth in privately-funded services, and that CBI Health will increasingly contribute to the evolution of public-private partnerships as we all contend with the complex issues that face healthcare today," said Mr. Szybbo.

CBI Health works collaboratively with its many referral sources and institutional agencies to continually improve both clinical and cost outcomes, by developing care and adjudication methodologies based upon injury and disability management principles that include timely interventions of relevant services and patient-centred return to abilities strategies.

"CBI Health has proven to be very successful at creating high quality outcomes for its patients and as a result has a leading position in a very important sector with strategic growth opportunities in Canada," said Joe Shlesinger, Managing Director, Callisto Capital. "These factors, combined with an extremely effective existing CBI management team, are exactly the criteria Callisto Capital looks for in determining attractive private equity investment opportunities. We are particularly pleased to join with the CBI management team in creating an entirely Canadian-owned company."

About CBI Health

CBI Health is a privately owned leading Canadian healthcare management company that has remained focused on delivering fully integrated rehabilitation services for over 30 years. CBI Health offers comprehensive services in physiotherapy, occupational and exercise therapies as well as massage therapy and physician and chiropractic services, that are delivered across more than 120 community and hospital based outpatient clinics, and eldercare services that adds chiropody, nursing and personal support provided in long-term care facilities, retirement homes, assistive living residences and the patient's home. CBI Health employs over 1000 clinical and support staff, and last year delivered approximately 1 million patient visits to nearly 100,000 patients. Additional information can be found at www.cbi.ca.

Contact Information