Providence Service selling Mission Providence joint venture to Konekt
Providence Service is selling Mission Providence to Konekt Limited, a provider of return to work solutions throughout Australia. Mission Providence was formed in 2014 as a joint venture between Providence and Mission Australia to provide employment services under the Australian Government Department of Employment's jobactive programs. Konekt will acquire 100% of Mission Providence for total consideration of approximately $23M of which Providence is expected to receive approximately $17M for its 75% interest in the joint venture. For the twelve months ended December 31, 2016, Mission Providence generated revenues of $37M and a net loss of $11M. The joint ventures financial results are not consolidated with Providence's reported revenue, Adjusted EBITDA, or Adjusted Net Income. The transaction is expected to close in Q4.