Mills & Reeve advises Vita Health Group on £74m sale
Vita provides a range of NHS outpatient mental health talking therapies, musculoskeletal and dermatology services, with operational hubs in London and four regional centres in Bristol, Orpington, Oldham and Leicestershire. Vita also offers outsourced physiotherapy and counselling services to the corporate and occupational health markets. Vita treats mild to moderate mental health conditions such as anxiety and depression.
Headquartered in Bury St Edmunds, Vita, which has been bought from French healthcare private equity firm Archimed, has a run-rate that is forecast to deliver 2024 revenue in excess of £100m.
The acquisition enables London headquartered Spire Healthcare to expand its capabilities into low-acuity mental health while providing synergies in working with corporate and PMI customers, and occupational health businesses.
Vita’s leadership team, which is being retained, will be supported by Spire’s strong management team that overseas more than 1,600 employees.
Derrick Farrell, chief executive of Vita, said: “Our success over the last five years, driven by the values of putting our patients and colleagues at the centre of everything we do, has established us as a leading provider of community-based healthcare solutions and we believe that the commercial synergies, now possible as part of the Spire Healthcare Group, will allow us to stay true to our values, to extend our propositions, move into new spaces and provide more effective solutions right across the expanded group.
The cultural alignment across the businesses, as represented by the senior management teams, was a key factor in the transaction. Delivering effective solutions for our customers has been at the core of our success and in the Spire team we found that passion fully reflected.”
Mills & Reeve corporate partner Natalie Wade, who led the team advising Vita, said: “We have advised Vita on its ambitious expansion over many years, acting on various corporate acquisitions and advising on NHS and commercial contracts. Under the leadership of Derrick and his team, Vita has become a market leader and the acquisition by Spire will provide the group with an ideal platform to further develop and enhance its excellent health service provision across the UK.”
Justin Ash, chief executive of Spire Healthcare, said: “The addition of Vita means that we are now able to meet people’s physical and mental health needs. Vita fits closely with the services we offer to corporate customers and gives us a good springboard for future growth. With its outstanding patient feedback, strong track record in winning contracts and proven management team, Vita is an excellent addition to our business, and I look forward to welcoming our new colleagues to Spire.”
The Mills & Reeve corporate team also included Sam Sutton, Paul Krivosic, Kim Lindsay-Smith, Louise Brownsey and Anthony Loftus.