Extendicare Acquires CBI Home Health

Executive Summary

• Extendicare’s home‑health subsidiary ParaMed completed the acquisition of CBI Home Health for a cash purchase price of $570 million plus estimated lease liabilities.
• The transaction was funded with $191.5 million from a private placement, $308.2 million drawn from existing senior secured credit facilities, and cash on hand.
• The deal is expected to expand Extendicare’s geographic footprint, create cost synergies and enhance its home‑health platform for Canadian seniors.

Key Details

• Purchase Price: $570.0 million cash (subject to customary adjustments) plus approximately $13.6 million of estimated lease liabilities under IFRS 16.
• Funding Sources:
• Net proceeds of ~​$191.5 million from Extendicare’s private placement of common shares completed on Dec 3, 2025.
• Aggregate draws of ~​$308.2 million from existing senior secured credit facility (including $154.5 million delayed‑draw term facility and $153.7 million revolving credit facility).
• Additional cash on hand.
• Acquired Entities: Equity interests in CBI Home Health LP and CBI (GP) 3 Inc., together with their subsidiaries, previously owned by CBI Health LP and CBI GP Holdco Inc.
• Strategic Rationale: Combines ParaMed’s home‑health operations with CBI Home Health’s geographic reach and innovative care models to support more Canadians living independently at home; anticipated cost synergies and operational improvements via Extendicare’s technology platform.
• Advisors:
• Extendicare – Financial advisor: CIBC Capital Markets; Legal advisor: Torys LLP.
• CBI Home Health – Financial advisors: TD Securities, Houlihan Lokey; Legal advisor: Stikeman Elliott LLP.

Notable Quotes

“We are excited to welcome the CBI Home Health team to the Extendicare family,” said Dr. Michael Guerriere, President and CEO of Extendicare. “The combination of ParaMed and CBI Home Health will enable us to support more Canadians to live independently at home… deliver strong value for our customers and shareholders.”