APM (ASX:APM) to acquire physiotherapy group Lifecare

Company News

by Adrian Tan

APM Human Services International (ASX:APM) has entered into a binding agreement to acquire physiotherapy and home care group Lifecare. The acquisition is for $68 million, funded from existing cash reserves, with completion of the agreement expected in January 2022.

APM is a provider of employment services. Under its WorkCare brand, it offers assessments in relation to the prevention, management and rehabilitation of workplace injuries. WorkCare consultants act as a point of contact between insurer, medical practitioners, and other parties.

Lifecare delivers mobile physiotherapy, occupational therapy, podiatry and lymphoedema services, and has 430 employees and 47 clinics across Australia.

APM CEO Michael Anghie comments, "We look forward to welcoming Lifecare’s team into the APM family, providing additional services to our current clients, servicing more clients across Australia, and expanding our allied health services across the growing home and community care sectors."

Shares in APM Human Services (ASX:APM) closed at $2.69 yesterday.

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