WELL Health Enters into Agreement to Acquire ExecHealth Inc., a Leading Omni-Channel Health Service Provider in Ontario

By WELL Health Technologies Corp.5 days ago

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  • ExecHealth, a provider of primary care and executive health services in the Ottawa region, signifies WELL's first acquisition of clinical assets in the province of Ontario.
  • For the 12 months ended February 28, 2021, ExecHealth had unaudited revenues of approximately $3M, of which greater than two-thirds is considered recurring membership revenue with EBITDA(1) Margins exceeding 50%.
  • ExecHealth is expected to be a highly accretive acquisition, representing WELL's continued expansion into the premium margin corporate and executive health services market.
  • ExecHealth is a high growth operation that has organically grown both its revenues and EBITDA at growth rates of over 20% over the past three years.
  • ExecHealth has over 1,000 clients, with greater than two-thirds being recurring membership clients. As a result of the COVID pandemic, currently more than 50% of its patient visits are delivered via telehealth.

VANCOUVER, BC, April 8, 2021 /PRNewswire/ -WELL Health Technologies Corp.(TSX: WELL) (“WELL“ or the “Company“), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce that it has entered into a purchase agreement to acquire all of the issued and outstanding shares of ExecHealth Inc. (“ExecHealth“). ExecHealth is an omni-channel healthcare provider located in Ottawa, Ontario specializing in corporate and executive health, primary care and integrated health services.

“We are pleased to announce our agreement to acquire ExecHealth and expand our network into Ontario, Canada's largest healthcare market,“ said Hamed Shahbazi, Chairman and CEO of WELL. “This proposed acquisition represents another milestone in the execution of our plans to further grow our presence in the premium margin corporate and executive health segment, building on our recent acquisition of ExcelleMD, a leading provider of such services in Qubec. We look forward to completing this acquisition and working with the ExecHealth team to continue to provide the outstanding service and care their patients have come to expect.“

Since 2005, ExecHealth has provided medical care to professionals and families, including executives, diplomats and other professionals in the Ottawa region. In addition to providing primary care services, ExecHealth provides corporations and other organizations with executive health, employee wellness, pre-employment and periodic medical exams as well as other integrative services such as physiotherapy and counselling services. For the 12 months ended February 28, 2021, ExecHealth had unaudited revenues of approximately $3M with EBITDA(1) Margin greater than 50%. ExecHealth is a high growth operation that has organically grown both its revenues and EBITDA at growth rates of over 20% over the past three years. ExecHealth has over 1,000 clients and greater than two-thirds of its revenues are attributable to recurring membership fees. As a result of the COVID pandemic, over 50% of ExecHealth's patient visits are currently delivered via telehealth vs. in-person consultations.

“We arethrilled to join the WELL group of companies. WELL's focus on the use of technology to provide the most advanced care possible is fully in line with our strategic vision,“ said Sanjay Shah, Founder and President of ExecHealth.“By leveraging WELL's expansive portfolio of medical technologies and clinic network, we believe this opportunity will allow us to seek further growth and enhance our patient offering.“

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