Joint Corp. acquires clinic in San Diego, terms not disclosed
The Joint Corp. repurchased a franchised clinic located at Carmel Mountain in San Diego, increasing the number of company-owned or managed clinics to 48. "Adding the Carmel Mountain location to our company owned or managed clinics marks the beginning of a new phase of growth for The Joint," stated Peter Holt, president and CEO. "In mid-2016, we paused expansion of our corporate clinic portfolio until we achieved positive Adjusted EBITDA. Having accomplished that goal in 2017, we are now prepared to return to adding to our corporate portfolio in a strategic and measured fashion, focusing on opportunistically acquiring existing franchised clinics that fit within our overall expansion strategy and considering building new "greenfield" clinics. I cannot overstate our commitment to approaching our return to expanding the corporate portfolio in a deliberate manner, with a vigilant eye focused on the interests of our stockholders and our existing franchisees. The Carmel Mountain Clinic is ideally located within a market where we enjoy a cluster of clinics. We believe the larger our footprint, the greater our opportunity to leverage marketing and IT, to heighten our brand awareness nationally, to grow our business, and to enhance shareholder value."