Mon, 07 Mar 2022 | BUSINESS SALE
Sheffield-based NHS healthcare services provider Pioneer Healthcare is set to be acquired by Derby-based Totally for a fee that could rise to £13 million. The deal is to be paid 80 per cent in cash and 20 per cent through the issuing of new ordinary shares in Totally.
£6.9 million will be payable on completion, on a debt-free and cash-free basis, with £6.1 million payable as a deferred consideration dependent on Pioneer’s performance for the year ending March 31 2022. The deal is expected to complete on or around March 10 2022.
If the sum ultimately rises to the full £13 million, this would represent approximately a 16.2x multiple of Pioneer’s £0.8 million pre-tax profit for the year ending March 31 2021, generated on revenue of £5.13 million. At the time, the firm’s gross assets were valued at around £2.8 million.
Founded in 2007, Pioneer provides insourcing and outsourcing services for an array of surgical and medical specialities to patients being treated by the NHS. The firm predominantly operates in the North of England and has contracts with Clinical Commissioning Groups and NHS Foundation Trusts.
Post-acquisition, Pioneer and Totally Healthcare, the insourcing division of Totally, will be united, creating a single outsourcing and insourcing services provider, operating under the Pioneer brand. The company’s leaders, senior NHS consultants Professor Prasad Godbole, Hesham Zaki and John McMullan, will remain in senior leadership roles following the sale.
Totally is based in Derby and provides services including insourcing healthcare services in the UK and Ireland, as well as urgent care and planned care. The company operates a buy-and-build growth strategy through which it seeks to acquire complementary businesses in high-demand service areas.
Totally CEO Wendy Lawrence said: “This is our second acquisition in three months, demonstrating our commitment to growing the business, delivering enhanced shareholder value through our ‘buy and build’ strategy and moving into areas where we know demand for services is outstripping current capacity.”
“The acquisition creates new opportunities for the Group and will ensure we can continue giving vital support to the NHS as it recovers from the COVID-19 pandemic.”
“Pioneer’s services closely complement those provided by Totally Healthcare. The combined insourcing and outsourcing business will benefit from its stronger footprint across the UK and Ireland and the additional significant experience of the Pioneer leadership team.”
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