A Clayton Utz team is today celebrating a client's strategic growth milestone, with the announcement by leading allied health business Healthia Limited (Healthia, ASX: HLA) of its agreement to acquire Back in Motion Health Group (Back in Motion), a deal valued at around A$88 million.
Clayton Utz Corporate partner Stephanie Daveson led our team (which included senior associate Laura van Stekelenburg and lawyer Shaun Chng) in advising Healthia on all legal aspects of the transaction, which will be funded through a $60 million capital raising. Healthia will contemporaneously acquire Back in Motion's 64 physiotherapy clinics, adding to Healthia's extensive portfolio of businesses which includes My FootDr, Allsports Physiotherapy, Extend Rehabilitation, iOrthotics and D.B.S. Medical Supplies, and spearheads its expansion into the New Zealand market.
The acquisition of Back in Motion - one of the largest and fastest growing physiotherapy businesses in Australia and New Zealand - will position Healthia as the number one provider of physiotherapy services in Australia, with 122 physiotherapy clinics in its Bodies and Minds division.
Commenting on the transaction, Stephanie Daveson said:
"It is a privilege to be chosen by Healthia to work on a deal which is strategically significant for them and represents another significant milestone in the realisation of its growth ambitions. Our team advised Healthia back in 2018 on its ASX listing and IPO and its expansion into optical services through the acquisition of The Optical Company, and we're pleased to see the company continue its successful expansion."