Healthia Limited has delisted from the Australian Stock Exchange as of 12 December 2023. The company has been 100% acquired by BidCo Pty limited, an entity ultimately wholly owned by funds managed or advised by Private Equity Partners.
Existing shareholders were offered the option to receive either AU$1.80 cash per Healthia Share or unlisted scrip consideration; or a combination of cash and unlisted scrip consideration.
The cash consideration of $1.80 per share was deemed to be a “fair and reasonable offer” according to independent experts Lonergan Edwards and Associates, implying an equity value of approximately $260.0 million, which represented an 84.6% premium to Healthia’s closing share price prior to the initial announcement of the scheme of arrangement on 30 August 2023.
Healthia was initially listed on the Australian Stock Exchange in 2018 and at that time was a “cluster” of 104 “fragmented” allied health clinics. Since then it has become the fastest growing allied health operator in Australasia with more than 300 allied health businesses across Australia, New Zealand, and the United States.
Operating over 30 brands, the clinician-led organisation comprises a Bodies and Mind Division (physiotherapy, hand therapy, occupational therapy and speech pathology), a Feet and Ankles Division (podiatry clinics and footwear stores), and an Eyes and Ears Division (including eye frame distributor AED).
Reference
Scheme Meeting: Chairman’s Address and Presentation 22 November 2023. https://investors.healthia.com.au/investor-centre/?page=asx-announcements [Accessed 12 December 2023].
