03/12/2021 - 11:04

APM flags $68m post-listing buy

03/12/2021 - 11:04

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APM is acquiring physiotherapy and home care business Lifecare for $68 million, a move the newly-listed company says will expand its allied health offering and national footprint.

APM flags $68m post-listing buy
APM founder Megan Wynne and CEO Michael Anghie. Photo: David Henry

APM is acquiring physiotherapy and home care business Lifecare for $68 million, a move the newly-listed company says will expand its allied health offering and national footprint.

APM Human Services International announced the buy to the ASX this morning, confirming it had entered a binding agreement to acquire the company using existing cash reserves.

The company listed on the ASX last month after raising $982 million to begin trading at $3.30.

Lifecare has some 430 allied health professionals on its roster working in a range of physiotherapy fields including sports and exercise, musculoskeletal, paediatric and orthapaedic.

The company has 47 clinics across Western Australia, Victoria, New South Wales and Queensland.

It also provides in-home phystiotherapy, occupational therapy and lymphoedema services, with Ontrac, Backfocus, Peninsula Sports Medicine Group and Beleura Health Solutions also under the Lifecare banner.

Broadly, APM says the acquisition will help build its allied health services offerings and provide further expansion into home and community based care.

APM chief executive Michael Anghie said the deal added scale and services in a key growth sector for the company.

“It allows us to expand our Allied Health service offering and reach through a combination of physical clinics, mobile and telehealth services, enabling access for our clients in metropolitan, regional and rural centres,” he said in a statement.

“We look forward to welcoming Lifecare’s team into the APM family, providing additional services to our current clients, servicing more clients across Australia, and expanding our allied health services across the growing home and community care sectors.”

APM also flagged that it was “on track to deliver on its prospectus forecasts”, noting that any financial contribution from Lifecare would be in addition to existing figures.

Lifecare generated FY21 revenue of $53 million and underlying EBITDA of $10 million.

APM shares are up 2.23 per cent trading at $2.75.

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