Spire Healthcare Group PLC on Tuesday said it has bought Acorn Occupational Health Ltd for an initial cost of £3.3 million.
The London-based healthcare company said Acorn provides occupational health services to corporate clients across multiple sectors, as well as public sector clients including the NHS.
Acorn generated earnings before interest, tax, depreciation and amortisation of £630,000 in 2024, at a higher margin than Spire.
The firm said Acorn management may receive a ‘small further deferred consideration payment,’ dependent on Ebitda in the 12-month period after the acquisition.
It said Acorn’s core management team will stay with the business following the takeover.
Spire said occupational health services a core part of its Primary Care Services business, which grew revenue by 15% to £121.0 million in 2024 with Ebitda of £10.3 million.
‘Our ambition is for Primary Care to become a [greater than] £40 million 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,’ Spire said.
Spire Healthcare shares were up 2.4% to 181.70 pence in London on Tuesday morning.
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