Clarendon Lawyers is delighted to have advised ASX-listed Capitol Health Limited (ASX: CAJ) (Capitol) on its recent acquisitions of 9 independent clinics from 4 different radiology clinic operators in Western Australia and Victoria for aggregate upfront consideration of $17.0 million with an additional $3.3 million payable under performance-based earn-outs over the first year of ownership.
Capitol is a leading provider of diagnostic imaging and related services to the Australian healthcare market. Capitol owns and operates clinics throughout Victoria and Tasmania, with an operational focus on delivering a community-based infrastructure for radiologists and related medical practitioners, to deliver optimal, efficient and accurate healthcare service outcomes for patients.
The acquisitions, which are expected to complete over the course of July and August (subject to standard conditions), have marked Capitol’s entry into the Western Australian market, comprising clinics in a substantial part of the Perth metropolitan area, and include Imaging Central, Integrated Radiology (East Fremantle), Quinns Medical Imaging (Quinns Rock), Booragoon Radiology, Forrestfield Radiology and Ellenbrook Radiology.
Capitol expects to pursue a growth strategy in Western Australia through additional capital investment and targeted recruitment of clinical staff and several bolt-on opportunities.
The Clarendons team was led by Director Alex Bean, who was assisted by Lawyers Natasha Arora and Rachel Morris.
Mr Bean congratulated Capitol on the transactions. “We are delighted to have assisted Capitol on this round of acquisitions. We wish the Capitol team all the best with their expansion into the Western Australian market, and look forward to assisting with the company’s growth in the future.”