Industry News
Healthia Announces Acquisition of The Optical Company
Australian Stock Exchange listed company Healthia Limited announces that it has entered into a binding agreement to acquire 100% of The Optical Company Pty Ltd (TOC) for a cash and debt free purchase price of $43.0 million. According to Healthia, TOC is a complementary allied health business with strong alignment to Healthia’s stated strategic objectives, and the addition of TOC increases Healthia’s addressable market revenue from $6.5 billion to $9.8 billion.
Completion of the acquisition is expected on 30 November 2020 subject to change of control consents for property leases. Upon completion of the transaction, founder and CEO of TOC, Colin Kangisser, will be appointed CEO of Healthia’s newly formed Eyes & Ears division and as an Executive Director of Healthia.
Mr. Wesley Coote, Chief Executive Officer, and Managing Director said, “The opportunity to acquire a highly complementary allied health business of the quality and size of TOC is compelling. TOC is a natural fit with Healthia and its stated strategic objectives of acquiring value accretive businesses in the allied health industries. TOC also provides Healthia with the expertise, people, platforms, and systems required for continued organic and acquisitive growth in the optometry industry”.
Mr Colin Kangisser, Founder and CEO of TOC said, “We are excited to partner with Healthia. We believe there is a strong alignment between our respective businesses and that there exists a significant opportunity to continue our organic and acquisitive growth. I am proud of the TOC business, and staff across Support Office and in the stores and look forward to our next phase of growth with Healthia.”
According to the company, the acquisition will strengthen Healthia’s position as Australia’s leading allied health operator with combined FY20 financial results as follows: Underlying Revenue, underlying EBITDA and UNPATA (attributed to Healthia shareholders) of $128.3 million, $18.9million and $7.5 million respectively.