REG - Optima Health PLC - Optima Health to acquire BHSF Occupational Health

Optima HealthAnnouncement

16/01/2025 07:15

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RNS Number : 5779T  Optima Health PLC  16 January 2025

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Optima Health plc

("Optima", the "Company", and, together with its subsidiaries, the "Group")

 

Optima Health to acquire BHSF Occupational Health Limited

 

·    Optima Health to acquire BHSF Occupational Health Limited for £1.4
million, adding c.£8 million revenue and approximately 60 experienced
occupational health clinicians to its operations and expanding its customer
base

·    Acquisition further strengthens Optima Health's clinical capabilities
and enhances its ability to deliver tailored, innovative workplace health and
wellbeing solutions

·    Acquisition expected to be EBITDA earnings accretive following the
first full year of ownership

 

LONDON, UK, 16 January 2025, Optima Health (AIM: OPT), the UK's leading
provider of technology enabled corporate health and wellbeing solutions, today
announces that it has entered into an agreement to acquire the entire issued
share capital of BHSF Occupational Health Limited, an occupational health
services and delivery company, from BHSF Group Limited for a total
consideration £1.4 million, on a cash free, debt free basis (the
"Acquisition").

The Acquisition will expand Optima Health's customer base and strengthen its
clinical capabilities with the addition of approximately 60 experienced
occupational health clinicians, driving business growth and further
solidifying the Company's position as the UK's leading provider of
occupational health and wellbeing services.

 

The Acquisition aligns with Optima Health's strategic focus in the
occupational health sector with BHSF Occupational Health Limited providing
comprehensive occupational health services, focused on preventing work-related
illnesses and injuries, protecting workers from occupational hazards, and
promoting overall workplace health and safety.

 

Further to the Acquisition, and as previously stated, the Board believes there
are significant opportunities to accelerate growth and will continue to
evaluate bolt-on acquisitions and consolidation in the market.

 

Jonathan Thomas, Chief Executive Officer of Optima Health, said: "The
acquisition of BHSF Occupational Health is an exciting step in our plans to
expand our delivery of optimised occupational health and wellbeing services,
and aligns with our strategy of delivering targeted M&A to accelerate
growth. The acquisition brings an experienced team of new colleagues into
Optima Health including around 60 occupational health clinicians in addition
to an attractive customer base, both of which strengthen the Group's ability
to deliver its industry leading solutions on a broader and growing scale."

 

Stuart Hayhurst, Chief Executive Officer of BHSF Group, said: "As a
long-standing health and wellbeing provider, BHSF Occupational Health has
helped millions of people obtain access to necessary healthcare services they
couldn't easily get elsewhere. The decision to sell the business to Optima
Health plc comes after careful consideration, and we believe Optima will be a
great home, as they share very similar values and their commitment to
excellence aligns with BHSF. We are confident that the business will continue
to thrive under the new leadership."

 

Financial considerations

Under the terms of the agreement, Optima Health will pay a total consideration
of £1.4 million on completion to acquire the entire issued share capital
of BHSF Occupational Health Limited on a cash free, debt free basis, subject
to adjustment for normalised working capital.  The Acquisition will be
financed in cash using existing funds on its balance sheet.

 

In the last 12 months, BHSF Occupational Health Limited generated unaudited
revenue of £8.3 million, gross profit of £3.0 million, and a loss before
taxation of (£0.4 million) and at 30 November 2024, had net assets of £0.3
million. The loss before taxation includes a share of BHSF Group corporate
head office costs which will not continue when moved into the Optima Health
plc structure, adjusting for these costs the business made a small loss. In
addition to the head office synergies, management expect to be able to improve
operational efficiency and expect the business to be EBITDA earnings accretive
following the first full year of ownership.

 

Subject to customary closing conditions, the Acquisition is expected to
complete around the end of January 2025.

 

 

 

Enquiries

 

 Optima Health                                       +44(0)3300085113

 Jonathan Thomas, CEO                                media@OptimaHealth.co.uk

 Heidi Giles, CFO

 Nominated Adviser and Corporate Broker

 Panmure Liberum Limited                             +44 (0)20 3100 2000

 Emma Earl / Will Goode / Mark Rogers

 Rupert Dearden

 UK Financial PR Adviser                             optimahealth@icrinc.com

 ICR Healthcare

 Mary-Jane Elliott / Angela Gray / Lindsey Neville

 

 

About Optima Health

Optima Health is the UK's leading provider of occupational health and
wellbeing services, directly influencing and improving people's lives for 25
years. Optima Health's incredible team of professionals quickly and
effectively encapsulate client's needs, supporting organisations of all shapes
and sizes. Through tailored solutions and innovative systems, Optima Health
offers unparalleled clinical expertise to its clients. These solutions ensure
that processes are simple and allow its clients to spend more time focusing on
their employees driving a healthy, high-performing workplace. For more
information visit www.optima health.co.uk

 

 

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