Healthia raising $60m to buy Back in Motion’s 64 physiotherapy clinics News20 Sep 2021

ASX-listed diversified healthcare group Healthia is raising $60 million to fund the acquisition of 64 physiotherapy clinics from Back in Motion.


Heathia will split the raise as a $22.3 million institutional placement and a $37.8 million 1-for-4.3 accelerated entitlement offer.


The placement is underwritten by Shaw and Partners with Canaccord Genuity.


Back in Motion’s 64 clinics employ over 300 clinicians. Its revenue has grown 8% over the last 12 months, all from organic growth.


The acquisition will contribute $63 million in revenue to Healthia, which reported underlying revenue of $140.4 million for FY21.


Healthia’s allied healthcare business currently includes 54 physiotherapy clinics, 14 hand therapy clinics, 45 optometry stores, a wholesale eyewear frame distribution business, 94 podiatry clinics, 6 retail footwear stores, 2 orthotics laboratories and an allied health wholesale supplies business.


The Back in Motion acquisition comes on the heels of Healthia’s recent acquisitions of Rothwell Physiotherapy, which added $2.13 million to its revenue, and AllCare Physiotherapy, John Holme Optometry and Anytime Physio, which together added $3.95 million to Healthia’s revenue.


Article source: AFR, 20 September 2021

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