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(Alliance News) - Spire Healthcare Group PLC on Thursday said it acquired mental and physical health services provider Vita Health Group Ltd for GBP74 million in cash.
The London-based private healthcare firm said Vita is complementary to its existing services and aligns well with the group's "strategic ambitions to expand selectively in new verticals to attract customers and meet more of patients' healthcare needs".
Vita provides a range of NHS outpatient mental health talking therapies, musculoskeletal and dermatology services, Spire said, with operational hubs in London and four regional centres in Bristol, Orpington, Oldham and Leicestershire.
Spire said Vita will retain its leadership team and that the acquisition specifically enables Spire to expand its capabilities into low-acuity mental health while providing synergies in working with corporate and private medical insurance customers, and occupational health businesses.
"Vita addresses two of the main reasons for long-term illness and absence from work in the UK: mental health issues and back and joint pain. This acquisition complements our existing business and aligns well with our strategy of developing new services and moving into adjacent markets," said Spire Chief Executive Officer Justin Ash.
"The addition of Vita means that we are now able to meet people's physical and mental health needs. Vita fits closely with the services we offer to corporate customers and gives us a good springboard for future growth. With its outstanding patient feedback, strong track record in winning contracts and proven management team, Vita is an excellent addition to our business and I look forward to welcoming our new colleagues to Spire."
Vita CEO Derrick Farrell commented: "Our success over the last five years, driven by the values of putting our patients and colleagues at the centre of everything we do, has established us as a leading provider of community-based healthcare solutions and we believe that the commercial synergies, now possible as part of the Spire Healthcare group, will allow us to stay true to our values, to extend our propositions, move into new spaces and provide more effective solutions right across the expanded group."
Shares in Spire were up 2.6% to 221.50 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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