Physitrack PLC (OM:PTRK) acquired Champion Health Ltd from Harry Bliss and Ricky Bailey for £10.4 million.
May 06, 2022
Share
Physitrack PLC (OM:PTRK) acquired Champion Health Ltd from Harry Bliss and Ricky Bailey for £10.4 million on May 6, 2022. Physitrack will pay a total cash consideration of £2.5 million upfront for the acquisition, and a further potential aggregate earn-out consideration of up to £7.894 million over four years, subject to Champion achieving stretching growth and profitability targets in that period. The deal is financed with cash. Post-completion, Champion's successful wellbeing platform and innovative technology will continue to be accessible as a standalone product and will over time see the integration of Physitrack's Access ecosystem. Champion Health Ltd had gross assets of 0.3 million (£0.25 million) and revenue of 0.1 million (£0.08 million) for the year ended December 31, 2021. The management team of Champion, including co-founders Harry Bliss, Chief Executive Officer of Champion and Ricky Bailey, Chief Development Officer of Champion, their team of wellbeing and tech experts, as well as their network of skilled contributors and certified health practitioners will join Physitrack. The closing of the transaction is not subject to any closing conditions, including no regulatory approvals. The acquisition of Champion is a financially accretive deal. Paul Berwin and team of Berwins LLP acted as legal advisor to the founder shareholders. FNCA Sweden AB acted as Certified Advisor in this transaction.
Physitrack PLC (OM:PTRK) completed the acquisition of Champion Health Ltd from Harry Bliss and Ricky Bailey on May 6, 2022.
Physitrack PLC is a United Kingdom-based business-to-business digital healthcare provider. The Company is focused on providing technology to care providers and providing virtual-first wellness solutions to corporates. The Company operates through two business lines: Lifecare Technology and Virtual Wellness. Lifecare technology business line is a full-service offering built around Companyâs software as a service (SaaS) solution. It offers physiotherapy and musculoskeletal care, enabling practitioners to digitally deliver clinical home exercises, education prescription, outcomes tracking, triaging, and Telehealth. Its Virtual Wellness and care provision powered by the Champion Health technology platform and wellness professionals is based in the United Kingdom, Germany, and the Nordics. The Company's software features include exercise prescription and education, outcomes analysis, patient onboarding and triage, telehealth and messaging, collaboration and security and privacy.