Healthcare operator Healthia Limited (ASX: HLA) has extended its portfolio of allied health businesses, today announcing the acquisition of a further 6 podiatry clinics and 3 physiotherapy clinics.
Upon settlement, the additional acquisitions will increase Healthia’s national portfolio of podiatry clinics to 81 and physiotherapy clinics to 36, whilst their 9 hand therapy clinics remain unchanged. This continues a strong run by the company which brings their total acquisitions to 22 over the past 12 months.
The 9 new clinics are forecast to deliver annual earnings of $1.34m from their total purchase price of $5.62m.
“On completion of these acquisitions, Healthia would have deployed nearly $14m of capital and acquired close to $3.25m of additional annualised EBITDA, which is additional to the earnings disclosed in the Company’s prospectus,” said CEO Wesley Coote.
“These new clinic acquisitions would have all settled inside of our first 12 month since listing on the ASX and exceeds our stated annual acquisition run rate target of $10m capital deployed and $2.5m of acquired EBITDA.”
Having listed on the ASX in September 2018 under the guidance of Chairman Glen Richards, also founder of Australia’s largest pet care company Greencross, Healthia’s acquisition targets have been funded by a $37 million facility agreement with ANZ and Bank of Queensland.
Beyond their portfolio of podiatry and physiotherapy clinics, Healthia also operate hand therapy brand Extend Rehabilitation, D.B.S Medical Supplies and iOrthotics – the largest orthotics producer in Australia.
*The owner of this website holds shares in HLA.