Spire Healthcare Group plc (LON:SPI), a leading independent healthcare group in the United Kingdom, has announced the acquisition of Acorn Occupational Health Limited (Acorn)
Spire today announces the acquisition of Acorn for an initial consideration of £3.3 million.
Acorn provides Occupational Health services to a wide range of corporate clients in multiple industry sectors; as well as public-sector clients, including the NHS. Acorn’s services support the safety and overall well-being of employees, through mental and physical health assessments, and providing solutions designed to protect employees from work-related ill health and sickness absence.
Acorn generated EBITDA of £0.63 million in 2024, at a margin above that of the Spire Group. A potential small further deferred consideration payment may be payable to Acorn management dependent upon EBITDA in the 12-month period after acquisition. The core management team will be staying with the business post-acquisition.
Another step in growing our Primary Care Business
Acorn expands our national footprint in Occupational Health Services alongside Vita Health Group and Spire Occupational Health. Occupational Health is a £1.5-2bn market opportunity in the UK, growing at c6% per annum. The acquisition will provide further capability to win new nationwide contracts and support organic growth through the development of a wider range of services across the group, the sharing of best practice models to accelerate performance and more efficient clinical resourcing.
Occupational Health Services are a core component of our Primary Care Services business, a fast-growing vertical that grew revenue by 15.0% to £121.0 million in 2024, with EBITDA of £10.3m. Our ambition is for Primary Care to become a >£40m EBITDA business in the medium term, delivered through further contract wins in Mental Health/Occupational Therapy, more new Clinic openings and small M&A. The acquisition of Acorn represents another step in working towards this ambition.
Upcoming events
Spire Healthcare will host its Annual General Meeting on 14th May.
