Virtus Health (ASX:VRT), Australia’s largest assisted reproductive services (ARS) provider, has announced that it has acquired 100 percent of Canberra Fertility Centre (CFC).
The acquisition adds to Virtus’ domestic growth strategy and consolidates the group’s domestic geographic expansion along the eastern seaboard of Australia, Virtus Health said in a disclosure to the Australian Securities Exchange.
The maximum transaction value is $3.5 million on a cash free debt free basis and has been satisfied from existing cash resources.
For the year to 30 June 2016 CFC’s normalised earnings would have increased Virtus’ basic earnings per share by approximately 0.2 cents.
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The acquisition comes as CFC celebrates 30 years of care for the local community having delivered over 7500 babies since opening in May 1986.
Two new fertility specialists join Virtus, bringing the number of specialists working with Virtus in Australia to 104.
Dr Chris Copeland CFC’s Scientific Director and current owner said CFC was well respected and trusted in Canberra, with the number of patients attending its clinic growing every year.
CFC’s current market share is approximately 35% of the ACT market.
“We take pride in providing the most technologically advanced Assisted Reproductive Technology Services in a caring, supportive environment…Our experienced team aims to offer every patient the very best chance for a successful pregnancy and healthy baby,” Dr Copeland said.
CFC In Canberra
CFC’s main clinic and laboratory is located in Deakin, in the heart of Canberra.
“We look forward to joining Virtus Health and to the opportunities it opens up for our patients, staff and medical team. Virtus has a great reputation nationally and internationally as a leading collaboration of scientific and medical professionals delivering exceptional care and this is one of the driving reasons behind our decision to join them,” Dr Copeland added.
Virtus Health CEO Sue Channon said, “We welcome the team from CFC to the Virtus Health network.”
Virtus Health Limited (ASX:VRT) brings together leading clinicians, scientists, researchers and support staff to provide the very best in fertility care and related specialised diagnostic and day hospital services. – BusinessNewsAsia.com