Optima agrees £1.4m acquisition of BHSF Occupational Health
By Josh White
Date: Thursday 16 Jan 2025
(Sharecast News) - Optima Health announced an agreement to acquire BHSF Occupational Health from BHSF Group on Thursday, for £1.4m.
The AIM-traded firm, formerly part of Marlowe, said the acquisition would bring approximately £8m in additional revenue and 60 experienced occupational health clinicians to its operations, further expanding its customer base and strengthening its position as a provider of workplace health and wellbeing solutions.
It said the move aligned with its strategic focus on the occupational health sector, enhancing its ability to deliver tailored and innovative services aimed at preventing work-related illnesses, protecting workers from occupational hazards, and promoting workplace health and safety.
The transaction, to be financed using Optima's existing cash reserves, was structured on a cash-free, debt-free basis.
BHSF Occupational Health recorded unaudited revenue of £8.3m and a gross profit of £3m over the last 12 months, but posted a pre-tax loss of £0.4m, partially due to shared head office costs.
Optima said it expected to achieve operational efficiencies and cost synergies, making the acquisition EBITDA earnings accretive after the first full year of ownership.
Completion was anticipated by the end of January, subject to customary closing conditions.
"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 mergers and acquisitions to accelerate growth," said chief executive officer Jonathan Thomas.
"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."
At 1245 GMT, shares in Optima Health were up 1.88% at 143.14p.
Reporting by Josh White for Sharecast.com.
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