EAST GREENWICH, R.I.–(BUSINESS WIRE)–
Hooper Holmes, Inc. d/b/a Provant Bloom (HPHW) (“Provant Health” or the “Company”), the better about traded, pure-play bloom and abundance provider in the U.S., today appear that it has entered into an asset acquirement acceding with Summit Health, Inc., a accessory of Quest Diagnostics (“Quest”), the world’s arch provider of analytic testing, information, and services.
Under the asset acquirement agreement, Quest will access essentially all of Provant Health’s assets and will abide the Company’s account offerings as it has in the past. Throughout the transaction process, Provant Bloom will abide to serve its customers, absolute focused on affair chump and accomplice obligations in the active fourth division season. Upon achievement of the transaction, Quest will accommodate its history, expertise, and assets in the bloom affliction amplitude to enhance the adventures of Provant Health’s barter and partners.
Mark Clermont, admiral of Provant Health, commented, “We accept that the acquirement of Provant Bloom by Quest will extend greater amount to our barter and ally than anytime before. Quest accustomed that Provant Health’s absolute casework add admired programs, bodies and technology to its offerings. Quest’s ability in its amplitude is unrivaled, and its knowledge, resources, and capabilities will alone enhance the adventures of those we serve.”
To abutment Provant Bloom in affair its alive basic requirements during the bargain process, the Aggregation has active absolute agreements with its two primary lenders, SWK and CNH, to accommodate up to $13.6 MM, that will acquiesce the Aggregation to abide to accomplish the business through closing of the bargain which is advancing to be on or afore the tenth of October. The Quest asset acquirement acceding is admired at $27 actor dollars and takes the anatomy of a “stalking horse” bid, with the bargain to be completed afterwards an bargain action agitated out beneath the acceding of area 363 of the defalcation code. The Quest asset acquirement acceding additionally contains a alteration casework acceding “TSA” through December 31, 2018, to ensure a bland applicant alteration and seamless connected operations.
“After the alliance of Hooper Holmes and Provant in 2017, the accumulated aggregation was saddled with a cogent alive basic shortfall, an over-leveraged antithesis area and accomplished cogent losses in 2017. Through this accretion by Quest, the Aggregation is now positioned for success,” acclaimed Jim Fleet, arch restructuring officer/senior controlling in allegation of Provant Health.
In affiliation with the bargain process, the Aggregation petitioned for Chapter 11 defalcation on Monday, August 27, 2018, to facilitate a accelerated 363 bargain action with an advancing transaction aing date on or afore of the tenth of October 2018.
Provant Bloom underscores its connected charge to confined its barter and advisers as it undergoes this cardinal transition.
About Provant Health
Hooper Holmes, Inc. d/b/a Provant Health, is a civic baton in absolute abode abundance and analytic analysis abutment services, with a growing all-around presence. The aggregation ally with administration and brokers to advance members’ whole-person bloom and productivity, and to abutment bloom affliction amount management. Provant Bloom touches millions of lives by carrying customized abundance strategies and casework on-site, telephonically and digitally, utilizing avant-garde abstracts administration technology. The company’s avant-garde belvedere includes adjustable affairs designs, allurement management, biometric screenings, bloom apprenticeship and action management, abstracts analytics, bloom affliction advocacy, and a aperture that serves as the hub for affairs activities, benefits, communications, and specialty experts. In addition, Provant Health’s civic arrangement of bloom professionals provides class testing, accident appraisal and sample accumulating casework to wellness and ache administration companies, administration and brokers, government organizations and bookish institutions nationwide. Provant Bloom will abide in the exchange for over-the-counter stocks as HPHW (HPHW) www.ProvantHealth.com.
This absolution contains advanced statements aural the acceptation of the federal balance laws. Advanced statements may about be articular by the use of words such as “anticipate,” “believe,” “expect,” “intends,” “plan,” and “will” or, in anniversary case, their negative, and added variations or commensurable terminology. These advanced statements accommodate all statements added than absolute facts. Any advanced account fabricated in this absolution is not a agreement of approaching performance, and absolute after-effects may alter materially from those bidding in or appropriate by the advanced statements, as a aftereffect of assorted factors, including, afterwards limitation the factors discussed in the “Risk Factors” area of the company’s Annual Report on Anatomy 10-K for the year concluded December 31, 2017, as the aforementioned may be adapted from time-to-time in consecutive filings with the Balance and Exchange Commission. Any advanced account fabricated in this absolution speaks alone as of the date hereof, and the Aggregation has no obligation, and does not intend, to amend any advanced statements afterwards the date hereof, except as appropriate by federal balance laws.
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20180827005586/en/
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