Virtus Health Limited (ASX:VRT) has accelerated its growth strategy by taking full control of the IVF Sunshine Coast clinic in Queensland.
Australia’s biggest IVF provider bought the remaining 80 per cent stake it did not own for $1.2 million, including both cash and shares.
The transaction will see three new fertility specialists join the company, taking the number of specialists working with Virtus in Australia to 88.
Virtus says it identified the Sunshine Coast as a key region for expansion with the population set to grow by up to 63 per cent by 2031.
The acquisition comes after Virtus bought a majority stake in IVF provider SIMS in Ireland earlier this year and ahead of the opening of a Virtus branded Singapore clinic later this year.
Virtus Health reported a net profit of $30.95 million in the 2014 financial year.