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Closing the Gap Healthcare Group Completes Sale to Extendicare Inc. for $75.5 Million

Jeffrey K. Merk, Gary Volman, Nadia S. Narain, Barbara Worndl, Manjit Singh, Angelo Gentile, Neil Bass, Meghan A. Cowan and Kenneth Pimentel

On July 1, 2025, Extendicare Inc. (TSX: EXE) completed its acquisition of all the issued and outstanding shares of Closing the Gap Healthcare Group Inc. Closing the Gap Healthcare Group has been a recognized leader in home and community healthcare for thirty-five years. Extendicare is a leading provider of care and services for seniors across Canada.

The acquisition was completed on a debt-free, cash-free basis and conducted through Extendicare’s wholly owned home healthcare subsidiary, ParaMed Inc. The transaction was valued at approximately $75.5 million, subject to customary working capital and other adjustments. The transaction also includes an earnout tied to new business revenue generation in the twelve months after closing, which is anticipated to add approximately $3.5 to $5.5 million to the purchase price, payable on the first anniversary of closing.

Aird & Berlis represented Closing the Gap Healthcare Group with a team including Jeffrey Merk, Gary Volman and Nadia Narain (Capital Markets), Barbara Worndl, Manjit Singh, Angelo Gentile and Neil Bass (Tax), Meghan Cowan (Employment) and Kenneth Pimentel (Leasing).

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