Virtus Health Subsidiary Sims Clinic Completes Acquisition of Second Irish Fertility Clinic for €6 Million
6 January 2015
Sydney, Australia – Further to the announcement to ASX made on 24 December 2014, Virtus Health (“Virtus”, ASX: VRT), Australia’s largest IVF provider, announces that its 70% owned subsidiary, Sims IVF Clinic, Ireland’s largest IVF provider, has completed the acquisition of Irish fertility centre, the HARI clinic from the Rotunda Hospital in Dublin for €6 million.
- The acquisition undertaken by Virtus subsidiary Sims Clinic is made on a cash free/debt free basis. Funding for the transaction has been satisfied with a reinvestment from Sims Clinic founder shareholders who are investing €1.8m alongside Virtus which is investing €4.2m using existing cash resources; the funding maintains Virtus’ ownership of all its Ireland activities at 70%.
- The HARI clinic has been operated by the Rotunda Hospital, the world’s oldest working maternity hospital and a nationally recognised training institution.
- This acquisition adds to Virtus’ domestic and international growth strategy, and follows the recent acquisitions of IVF Sunshine Coast in Queensland and 70% of TasIVF in Tasmania, and the opening of the Virtus-branded Fertility Centre in Singapore in December.
For further information see the initial statement issued 24 December
Sue Channon, Chief Executive Officer, Virtus Health, +61 (0)2 9425 1722
Kyahn Williamson, Investor Relations, Buchan Consulting +61 (0)3 9866 4722 / +61(0)401 018828, email@example.com
About Virtus Health
Virtus Health Limited brings together leading clinicians, scientists, researchers and support staff to provide the very best in fertility care and related services.
Having developed one of the most successful medical collaborations in the world, with 103 of the world’s leading fertility specialists supported by 1069 professional staff, we are the largest network and provider of fertility services in Australia with an international presence in Ireland and Singapore. Our combined expertise creates a unique and powerful body of knowledge which when combined with the collegial team approach of our specialists and scientists, means we are able to find new and advanced solutions for achieving success for our patients. Our combined expertise and investment in resources and research allows us to bring clinical and scientific advances to our patients first. An example of this is karyomapping with preimplantation genetic diagnosis, automated single gene screening available only through Virtus Health Group in Australia since October 2014.