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APM to acquire Lifecare

APM Human Services International announced that it will acquire market-leading physiotherapy and home care group, Lifecare.

The $2.4 billion health care provider said the acquisition of Lifecare will broaden APM’s existing Health and Wellbeing business through expanding the company’s Allied Health offering and geographic footprint. The Lifecare team of 430 Allied Health professionals deliver physiotherapy and mobile health services from 47 clinics across Western Australia, Victoria, New South Wales and Queensland.

The acquisition has strong connectivity to APM’s Workcare business and complements its allied health and psychology assessment and intervention services; injury prevention, management and vocational rehabilitation services; and multidisciplinary therapy programs for early childhood, early intervention, school aged, adolescent and working aged populations. Lifecare homecare provides in-home physiotherapy, occupational therapy, podiatry and lymphoedema services.

In addition, it is expected the acquisition will enhance APM’s service offering to its core clients including those with developmental delay, disability, those recovering from injury or illness and those we support to optimise their functional independence and quality of life. It will also support APM’s mission to build Allied Health services across the lifespan, from infancy to ageing, and provides further expansion into home and community-based care.

For the financial year ended 30 June 2021, Lifecare generated $53 million of revenue with underlying EBITDA of $10 million and is expected to deliver organic growth and future integration opportunities going forward.

The purchase price of $68 million will be funded from APM’s existing cash reserves and completion of the acquisition is expected to occur in January 2022.

Commenting on the acquisition, APM CEO Michael Anghie said: “The acquisition of Lifecare adds scale and services in a key growth sector for APM. It allows us to expand our Allied Health service offering and reach through a combination of physical clinics, mobile and telehealth services, enabling access for our clients in metropolitan, regional and rural centres. We expect our strong capital position to continue to enable us to pursue attractive growth opportunities as they arise, both organic and via M&A.”

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