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Smart-Tek Solutions Inc. has signed a letter of intent to acquire Solvis Medical Group from American Marine LLC, a Montana LLC.
Nevada-based Solvis Medical Group has three businesses, two of which provide staffing: Solvis Medical Staffing and Solvis Medical provide medical staffing services to hospitals, medical clinics, surgical centers, and skilled nursing facilities; and, in certain cases, nursing care to patients in their homes.
Solvis Physical Therapy Inc. provides physical therapy services, but it is currently inactive.
Newport Beach, Calif.-based Smart-Tek Solutions Inc. is the parent company of Smart-Tek Automated Services, a professional employer organization. "This acquisition fits well with our existing businesses and is on track with our ongoing plan for growth and increasing shareholder value," said Brian Bonar, Smart-Tek Automated Services’ CEO.
Solvis Medical Group is expected to post $4 million in 2011 revenue with net income of approximately $600,000 for the year ending Dec. 31, 2011, an increase of more than 15 percent over Smart-Tek’s current revenue.
The acquisition is to be finalized on Oct. 1.