Kingsway acquires Digital Diagnostics Imaging for $11M cash; expects immediate accretion

KINGSWAY FINANCIAL SERVICES INC

$11M all-cash acquisition of DDI, a cardiac telemetry monitoring provider, closed Oct 26, 2023.
Funded with $5.4M cash on hand and $5.6M debt from Signature Bank.
DDI adds $4.2M annual revenue and $1.8M adjusted EBITDA; expected immediately accretive.
Peter Dausman becomes DDI CEO; founder Thomas Corney remains as advisor.
Conference call on Oct 31, 2023 at 5 PM ET to discuss transaction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KINGSWAY FINANCIAL SERVICES INC entered into Stock Purchase Agreement with Thomas J. Corney and TC Family 2023 LLC (collectively, the "Sellers") valued at $11,000,000 (effective 2023-10-26).

Action: entry
Agreement: asset purchase
Counterparty: Thomas J. Corney and TC Family 2023 LLC (collectively, the "Sellers")
Value: $11,000,000
Effective: 2023-10-26

Exact text from the filing

On October 26, 2023, DDI Acquisition LLC (“Kingsway Buyer”), a subsidiary of Kingsway Financial Services Inc. (the “Company”), entered into a Stock Purchase Agreement (the “Agreement”) with Thomas J. Corney and TC Family 2023 LLC (collectively, the “Sellers”), pursuant to which, subject to the terms and conditions of the Agreement, the Kingsway Buyer acquired from the Sellers all of the issued and outstanding shares of capital stock (the “Acquired Shares”) of Digital Diagnostics Imaging, Inc. (“DDI”).

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Source: SEC EDGAR

accession 0001437749-23-029313

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