Third Age Health Services Limited (NZX: TAH) is pleased to announce it has signed a Sale and Purchase Agreement to acquire 100% of the shares in Belmont Medical Centre Limited for a cash purchase price of $0.18m. The acquisition is expected to be settled on 1 October 2021.
Belmont Medical was established in May 1994 and serves the Devonport Peninsula on Auckland’s North Shore, providing comprehensive medical care to members of that community.
A comprehensive holistic and Cornerstone Accredited practice, it is staffed by two experienced general practitioners, supported by nursing and administrative staff.
Adding Belmont Medical to the TAH group will also provide additional medical resource to service Third Age Health’s aged residential care practice in the North Shore area.
Based on the financial results of the group for the year ended 31 March 2021, the acquisition, on an annual basis is expected to contribute at least 10% to annual revenues and be accretive to annual earnings per share by between 3-5%.
CEO, Michael Haskell says “We look forward to welcoming the Belmont Medical team to our broader group. Belmont Medical has a history of delivering patient centred primary care and an organisational culture that complements the values we hold at Third Age Health. The Belmont Medical acquisition makes our core service stronger”.