PRWT to go public in deal with KBL Healthcare Acquisition Corp. - Philadelphia Business Journal:

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Based in Philadelphia, PRWT is one of the city’sa largest minority-owned companies. Its separate business unitx are involved in businessprocesss outsourcing, public facility management and pharmaceuticalk manufacturing. Under the terms of the valuedat $140.2 million, PRWT’a owners will receive 11.95 million shares of the post-merger public companu along with $3.5 million in cash from KBL. In KBL will assume up to $45 million in PRWT debt. An additional 8 million shares of common stock of the public company may be issued to the management of PRWT if certai earnings targetsare met.
KBL Healthcare of New York, a so-called blanok check company, was formed in 2007 to pursus merger andacquisition opportunities. It raised $138 milliomn in its initial public stockm offering inJuly 2007. PRWT's senior management will remaih unchanged and will continue to operatethe post-mergerd company. PRWT management will have a majority interest in the combine entityat closing. The company will retai its minority-owned status following the completion of the which is expected to close in the third The parties will seek to obtain listingof PRWT's common stocm and warrants on or .
“PRWT has built a strong and enduringv business brand and a reputation among its clients for deliveringyinnovative thinking, efficiencies and cost savings,” said Willie F. the founder and chairman of PRWT. “As a publicv company, we will sustainh these priorities as well as focus ondrivinf long-term value for our shareholders and continuse to invest in the communities where we work and live. This business combination will provide us with accesws to capital to fund internal growth initiativesand acquisitions, elevatwe our profile within our and help us to attractf and retain high qualityu professionals.
” PRWT, which generated revenued of $165 million last year, has 1,312 employeexs in 10 states.