REG - Spire Healthcare Grp - Acquisition of Acorn Occupational Health Limited

Spire HealthcareAnnouncement

01/04/2025 07:15

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RNS Number : 0293D  Spire Healthcare Group PLC  01 April 2025

Spire Healthcare Group plc

1st April 2025

 

Spire Healthcare, a leading independent healthcare group in the United
Kingdom, announces the acquisition of Acorn Occupational Health Limited
(Acorn)

 

Acorn, a national provider of Occupational Health Services

Spire today announces the acquisition of Acorn for an initial consideration of
£3.3 million.

Acorn provides Occupational Health services to a wide range of corporate
clients in multiple industry sectors; as well as public-sector clients,
including the NHS. Acorn's services support the safety and overall well-being
of employees, through mental and physical health assessments, and providing
solutions designed to protect employees from work-related ill health and
sickness absence.

Acorn generated EBITDA of £0.63 million in 2024, at a margin above that of
the Spire Group. A potential small further deferred consideration payment may
be payable to Acorn management dependent upon EBITDA in the 12-month period
after acquisition. The core management team will be staying with the business
post-acquisition.

 

Another step in growing our Primary Care Business

Acorn expands our national footprint in Occupational Health Services alongside
Vita Health Group and Spire Occupational Health. Occupational Health is a
£1.5-2bn market opportunity in the UK, growing at c6% per annum. The
acquisition will provide further capability to win new nationwide contracts
and support organic growth through the development of a wider range of
services across the group, the sharing of best practice models to accelerate
performance and more efficient clinical resourcing.

Occupational Health Services are a core component of our Primary Care Services
business, a fast-growing vertical that grew revenue by 15.0% to £121.0
million in 2024, with EBITDA of £10.3m. Our ambition is for Primary Care to
become a >£40m EBITDA business in the medium term, delivered through
further contract wins in Mental Health/Occupational Therapy, more new Clinic
openings and small M&A. The acquisition of Acorn represents another step
in working towards this ambition.

 

Upcoming events

Spire will host its Annual General Meeting on 14th May.

 

For further information please contact:

 

 Spire Healthcare                                                         investors@spirehealthcare.com

Amie Gramlick - Director of Investor Relations

 Instinctif Partners                                                      spire@instinctif.com

Julian Walker

 Tim Pearson

Registered Office and Head Office:

Spire Healthcare Group plc

3 Dorset Rise

London

EC4Y 8EN

Registered number 09084066

 

About Spire Healthcare

Spire Healthcare (https://www.spirehealthcare.com/) is a leading independent
healthcare group in the United Kingdom, running 38 hospitals and over 50
clinics, medical centres and consulting rooms across England, Wales and
Scotland. It operates a network of private GPs and provides occupational
health services to over 800 corporate clients.

 

Working in partnership with over 8,600 experienced consultants, Spire
Healthcare delivered tailored, personalised care to over 1 million inpatients,
outpatients and daycase patients, and occupational health programme clients,
in 2023, and is the leading private provider, by volume, of knee
(https://www.spirehealthcare.com/treatments/bones-and-joints/knee-replacement/)
and hip
(https://www.spirehealthcare.com/treatments/bones-and-joints/hip-replacement-surgery/)
operations in the United Kingdom. It also delivers a range of private and NHS
mental health, musculoskeletal and dermatological services under the Vita
Health Group brand.

 

Spire Healthcare's well-located and scalable hospitals have delivered
successful and award-winning outcomes, positioning the group well with
patients, consultants, the NHS, GPs and Private Medical Insurance ('PMI')
providers. 98% of Spire Healthcare's inspected locations are rated 'Good,'
'Outstanding' or the equivalent by health inspectors in England, Wales and
Scotland.

 

Spire Healthcare is listed on the London Stock Exchange and is a member of the
FTSE 250.

 

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