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RNS Number : 0293D

Spire Healthcare Group PLC

01 April 2025

Spire Healthcare Group plc

1st April 2025

Spire Healthcare, a leading independent healthcare group in the United Kingdom, announces the acquisition of Acorn Occupational Health Limited (Acorn)

Acorn, a national provider of Occupational Health Services

Spire today announces the acquisition of Acorn for an initial consideration of GBP3.3 million.

Acorn provides Occupational Health services to a wide range of corporate clients in multiple industry sectors; as well as public-sector clients, including the NHS. Acorn's services support the safety and overall well-being of employees, through mental and physical health assessments, and providing solutions designed to protect employees from work-related ill health and sickness absence.

Acorn generated EBITDA of GBP0.63 million in 2024, at a margin above that of the Spire Group. A potential small further deferred consideration payment may be payable to Acorn management dependent upon EBITDA in the 12-month period after acquisition. The core management team will be staying with the business post-acquisition.

Another step in growing our Primary Care Business

Acorn expands our national footprint in Occupational Health Services alongside Vita Health Group and Spire Occupational Health. Occupational Health is a GBP1.5-2bn market opportunity in the UK, growing at c6% per annum. The acquisition will provide further capability to win new nationwide contracts and support organic growth through the development of a wider range of services across the group, the sharing of best practice models to accelerate performance and more efficient clinical resourcing.

Occupational Health Services are a core component of our Primary Care Services business, a fast-growing vertical that grew revenue by 15.0% to GBP121.0 million in 2024, with EBITDA of GBP10.3m. Our ambition is for Primary Care to become a >GBP40m EBITDA business in the medium term, delivered through further contract wins in Mental Health/Occupational Therapy, more new Clinic openings and small M&A. The acquisition of Acorn represents another step in working towards this ambition.

Upcoming events

Spire will host its Annual General Meeting on 14th May.

For further information please contact:

 
Spire Healthcare                       investors@spirehealthcare.com 
 Amie Gramlick - Director of Investor 
 Relations 
Instinctif Partners                    spire@instinctif.com 
 Julian Walker 
 Tim Pearson 
 

Registered Office and Head Office:

Spire Healthcare Group plc

3 Dorset Rise

London

EC4Y 8EN

Registered number 09084066

About Spire Healthcare

Spire Healthcare is a leading independent healthcare group in the United Kingdom, running 38 hospitals and over 50 clinics, medical centres and consulting rooms across England, Wales and Scotland. It operates a network of private GPs and provides occupational health services to over 800 corporate clients.

Working in partnership with over 8,600 experienced consultants, Spire Healthcare delivered tailored, personalised care to over 1 million inpatients, outpatients and daycase patients, and occupational health programme clients, in 2023, and is the leading private provider, by volume, of knee and hip operations in the United Kingdom. It also delivers a range of private and NHS mental health, musculoskeletal and dermatological services under the Vita Health Group brand.

Spire Healthcare's well-located and scalable hospitals have delivered successful and award-winning outcomes, positioning the group well with patients, consultants, the NHS, GPs and Private Medical Insurance ('PMI') providers. 98% of Spire Healthcare's inspected locations are rated 'Good,' 'Outstanding' or the equivalent by health inspectors in England, Wales and Scotland.

Spire Healthcare is listed on the London Stock Exchange and is a member of the FTSE 250.

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April 01, 2025 02:00 ET (06:00 GMT)