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// Andlauer HEALTHCARE GROUP Andlauer Healthcare Group Reports Third Quarter 2021 Results Toronto , November 10 , 2021 - Andlauer Healthcare Group Inc. ( TSX : AND ) ( " AHG " or the " Company " ) today reported its financial results for the three and nine - month periods ended September 30 , 2021 ( " Q3 2021 " and " YTD 2021 " , respectively ) . Q3 2021 Summary . Revenue increased 37.5 % to $ 104.2 million , compared to $ 75.8 million in the three months ended September 30 , 2020 ( " Q3 2020 " ) ; Operating income increased 27.6 % to $ 16.8 million , compared to $ 13.2 million in Q3 2020 ; Net income and comprehensive income increased 41.8 % to $ 12.2 million , compared to $ 8.6 million in Q3 2020 ; EBITDA increased 38.8 % to $ 28.0 million , compared to $ 20.2 million in Q3 2020 ; • EBITDA Margin was 26.9 % , compared to 26.6 % in Q3 2020 ; AHG continued to provide logistics and distribution , specialized transportation , and packaging solutions to certain of its manufacturer , 3PL provider , wholesaler and government clients that are involved in the Canadian supply of COVID - 19 vaccines and ancillary products . In Q3 2021 , the Company's COVID - 19 vaccine - related revenue comprised approximately 2.5 % of total revenue compared with approximately 5.0 % in the three months ended June 30 , 2021 . AHG continued to maintain service levels across its operations , while monitoring the safety measures implemented in response to COVID - 19 to prioritize the health and safety of its personnel , clients , and suppliers ; and Subsequent Events On October 26 , 2021 , together with Andlauer Management Group Inc. ( the “ Selling Shareholder " ) , AHG completed a bought deal offering of 3.5 million subordinate voting shares at a price of $ 48.20 per subordinate voting share for aggregate gross proceeds of $ 168.7 million ( the “ Offering ” ) . The Offering was comprised of 2.0 million subordinate voting shares issued from treasury and offered by AHG for gross proceeds of $ 96.4 million , and 1.5 million subordinate voting shares offered by the Selling Shareholder , for gross proceeds to the Selling Shareholder of $ 72.3 million . AHG used proceeds from the treasury offering to pay the cash portion of the purchase price payable in connection with the acquisitions of T.F. Boyle Transportation , Inc. ( " Boyle Transportation " ) and the remaining 51 % of Skelton USA Inc. ( " Skelton USA " ) discussed further below ; and On November 1 , 2021 , AHG completed the acquisitions of Boyle Transportation and 51 % of Skelton USA , increasing its aggregate ownership of Skelton USA to 100 % . The purchase price for Boyle Transportation was approximately US $ 80 million ( subject to customary purchase price adjustments ) and was satisfied through the issuance of 522,116 subordinate voting shares and cash of approximately US $ 60 million . The purchase price for the remaining 51 % interest in Skelton USA was approximately $ 50 million and was satisfied through the issuance of 518,672 subordinate voting shares and cash of approximately $ 25 million . 1