Monday, March 1, 2021

Preventative healthcare specialist completes double acquisition of Lincs companies

Preventative healthcare specialist PAM Group has completed a double acquisition as it continues its buy-and-build strategy.

The Warrington-based group has bought 66Fit and Physio Supplies for an undisclosed sum from Whiteley Healthcare, a provider of physiotherapy and healthcare products based in Australia and New Zealand.

Both acquired companies are based in Spalding, Lincolnshire, and will add a total of £2.5m to PAM Group’s annual revenues.

They will continue to trade under their own brands and will be integrated into the group’s specialist muscular skeletal retail business PAM Health. Their distribution centre and offices will remain in Spalding.

The transactions take the number of acquisitions by PAM Group to six as it pursues an ambitious growth strategy.

PAM Group, founded in 2004 by Chief Executive James Murphy, aims to double in size over the next few years through organic expansion, bolt-on acquisitions and by buying businesses which add new services or new territories to its operations.

The group provides occupational health and wellness services to the private and public sectors, including psychological services, physiotherapy, advice and counselling, absence management and drug and alcohol screening.

It has 32 clinics across England, Scotland and Wales and employs around 600 staff. Revenues in 2019 were £30.1m and the group expects to post a 10 per cent rise for 2020 despite the impact of Covid-19.

66fit is a consumer-focused retailer of exercise, fitness and rehabilitation equipment such as mats, weights, balls, aerobic steps, swimming aids, massage therapy and balance training products, supports and braces.

Physio Supplies is a specialist provider of sports, physiotherapy and rehabilitation equipment. It supplies professionals such as physiotherapists and healthcare providers as well as sports clubs with products including orthotics, tapes, bandages, supports, grips, cushions, rolls, pillows and practice essentials such as couches and furniture.

The deal with Whiteley Healthcare sees PAM Group acquire the sales rights for 66fit in the UK and Europe. Whiteley retains access to markets in Australia, New Zealand and the rest of the world. The two companies have also agreed a global purchasing alliance to support their trading businesses.

James Murphy said: “These exciting acquisitions support our strategy of providing services that limit the impact of health conditions or prevent health impacting on people’s lifestyles, happiness, health and wellbeing.

“Both companies serve an established client base, have strong growth potential and fit in well with our expansion strategy. They bring a welcome new range of products to the group.

“Physio Supplies enables us to provide clients with physiotherapy services and a complete range of rehabilitation products at competitive prices through a single supply chain.

“66Fit is a rapidly-expanding consumer brand with an established market presence throughout Europe and the UK. We will look to invest and expand its offering, also enabling PAM Group to identify wider European opportunities within our preventative healthcare markets.

“I am also excited that we have agreed a global purchasing alliance with Whiteley Healthcare. This will secure supply and product development opportunities, allowing both companies to reduce their costs and focus on their trading activities in their core markets. PAM Group will focus on the UK and Europe, and Whiteley will focus on the rest of the world.”

Ian Gillis, a corporate partner at law firm Hill Dickinson, advised PAM Group on the acquisitions.

Ashley Williams, Chief Executive of Whiteley Healthcare, said: “We are very pleased with the sale of the Physio Supplies and 66Fit companies to PAM.

“We have been impressed with PAM’s management team and we are extremely confident that they will be able to continue the excellent growth of Physio Supplies and 66Fit. Additionally, we are excited by our global purchasing alliance. By working together, our companies can offer the world’s leading brands and producers a single gateway to key markets.”

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