WELL Health Tech announces $206M acquisition of MyHealth Partners Inc, its 26th acquisition since the beginning of 2020
Acquisition positions WELL as the largest owner-operator of outpatient medical clinics in Canada with 74 combined clinics.
WELL Health Technologies, known for making acquisitions to consolidate clinical and digital assets within the healthcare sector, has agreed to purchase MyHealth Partners Inc for $206 million. MyHealth provides primary care, specialty care, telehealth services and accredited diagnostic health services from 48 locations across Ontario.
The deal marks WELL’s 26th acquisition since the beginning of 2020.
Why it matters: This acquisition positions WELL as the largest owner-operator of outpatient medical clinics in Canada with 74 combined clinics. Approximately 75% of MyHealth's medical consultations are conducted via telehealth, which when combined with WELL's multiple telehealth businesses will make WELL the leading multi-disciplinary telehealth service provider in Canada.
Details: “The planned acquisition of MyHealth cements WELL's position as a foundational leader in the Canadian healthcare marketplace,” said Hamed Shahbazi, Chairman and CEO of WELL. “Once completed, WELL will be the largest and most capable non-governmental owner-operator of outpatient medical clinics in Canada… Once the transaction has closed, WELL's combined annualized revenue and EBITDA run-rates will approach $400 million and $100 million, respectively."
Founded in 2013, MyHealth has over 760 physicians and other healthcare professionals providing patient services. For the twelve months ended March 31, 2021, MyHealth recorded over 500,000 patient visits including primary, specialty, telehealth, and diagnostic visits. MyHealth offers medical consultations both in-person and through telehealth, as well as diagnostic services related to cardiology, women's health, bone/muscle health and cancer diagnostics.
Post-closing, MyHealth will become a WELL subsidiary and business unit and will be operated by its current staff led by Suresh Madan, who currently serves as MyHealth's CEO.