The consideration will be satisfied by the payment of £9m in cash on completion and £2.5m by way of a a share issue. Totally said it would fund the £9m cash consideration using the net proceeds of a placing with certain institutional and other investors at ten pence per ordinary share, as well as an open offer of up to £1m, along with existing cash resources.
This acquisition is set to provide the out-of-hospital service provider with a strong and commercially attractive opportunity to continue to execute its buy and build strategy, with the aim of building Totally into a leading provider, offering more comprehensive services across the country.
‘We are thrilled to announce yet another landmark acquisition for Totally as we continue to deliver on our strategy and expand the Group,’ said Wendy Lawrence, CEO of Totally. ‘This highly complementary acquisition is an exciting and transformative opportunity, and one which offers significant operational and financial benefits.’
Lawrence went onto say that adding a business such as Greenbrook to Totally’s portfolio will provide it with a series of exciting growth opportunities in planned and unplanned care.
‘Greenbrook’s expertise and reputation in UCCs can be leveraged across our existing national network, in line with the NHS’s commitment to integrated urgent care in its long-term plan,’ Lawrence continued. ‘It will significantly strengthen our market positioning and allow us to deliver a wide spectrum of urgent care, driving revenue and margin growth in our core business. Furthermore, it will enable us to quickly expand into the London and South East markets which are key growth territories for Totally.’
Greenbrook Healthcare is a well-established primary care provider which operates nine urgent care centres alongside walk-in centres and GP practices across the capital and the home counties. It also operates an intermediate community response service designed to keep patients out of hospital in partnership with Hounslow & Richmond Community Healthcare.