CareLine Completes 3 Ambulance Service Purchases
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IRVINE — CareLine Inc. said Tuesday that it has completed its previously announced acquisitions of three Philadelphia ambulance services. Terms of the purchases were not disclosed.
The three companies--Metropolitan Ambulance Inc., Procor Ambulance and LifeLine Ambulance--provide non-emergency medical transportation in the greater Philadelphia market. All emergency medical transportation there is handled by the fire department.
The companies had combined 1993 revenue of more than $15 million and employ about 450 people.
CareLine, headquartered in Irvine, is a major ambulance service company operating in nine states. With the completion of a fourth acquisition--Life Line EMS in Texas--the company expects to be providing transportation to more than 850,000 patients annually and will employ more than 3,300 people. The company reported 1993 revenue of $32.4 million.
CareLine’s stock closed unchanged in Nasdaq trading Tuesday at $9.25 a share.
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