SYDNEY, AUSTRALIA: Monash IVF Group, a leading provider of assisted reproductive services, has announced the acquisition of 80% of Fertility North Holdings, a Perth-based fertility clinic, for an estimated $12m.
The deal will add eight fertility specialists to Monash IVF’s team and increase its net profit by 4%. Monash IVF may buy the remaining 20% of Fertility North after three years, subject to certain financial targets and ACCC approval.
The acquisition will give Monash IVF access to Perth’s northern growth corridor, a large and fast-growing market. Fertility North, established in 2002, operates from a state-of-the-art clinic at Joondalup Health Campus and has a culture of delivering high-quality care and success rates to its patients.
Monash IVF’s Chief Executive Officer & Managing Director Mr Michael Knaap said: “We are very excited to be expanding our presence in the fast-growing Perth market through the acquisition of Fertility North.
We believe the businesses of Fertility North and our existing Monash IVF business in Perth are complementary to each other, servicing different catchment areas, with Fertility North servicing Perth’s northern suburbs and Monash IVF West Leederville (formerly PIVET Medical Centre) servicing central and southern Perth.
The transaction structure mutually aligns Monash IVF and Fertility North to grow the Fertility North business, and rewards Fertility North’s shareholders for delivering on its growth targets.”
Fertility North co-founder Doctor Jay Natalwala commented, “Joining forces with Monash IVF represents the culmination of over 20 years of dedication to building one of Perth’s leading IVF clinics.
We could not have achieved this milestone without the amazing team we have built, and we look forward to continuing to support our patients and community as part of the larger Monash IVF Group”.