LONDON: Optima Health, a leading UK-based provider of corporate health and wellbeing solutions, announced Friday it has agreed to acquire Ireland’s Cognate Health Limited in a deal worth up to €9 million ($9.7 million).
The acquisition marks Optima’s first expansion into the Republic of Ireland, adding approximately €7 million in annual revenue and €1 million in EBITDA.
The deal will give Optima Health an established foothold in Ireland, including around 30 clinic sites, a workforce of 60 employees, and a network of 35 licensed Occupational Health Physicians. The move strengthens Optima’s ability to serve multinational clients with operations in both the UK and Ireland while providing cross-selling opportunities and revenue synergies.
Cognate Health, an occupational health services provider, specializes in workplace injury prevention, employee health protection, and wellbeing promotion. The acquisition aligns with Optima’s strategy to expand its occupational health services and pursue further consolidation in the sector.
Strategic Growth Move
Jonathan Thomas, CEO of Optima Health, called the acquisition a “significant milestone” for the company. “Cognate’s business is strategically aligned with ours, with a focus on improving health and wellbeing in the workplace,” he said. “We look forward to integrating the businesses and benefiting from the additional clinical capabilities as we explore further bolt-on opportunities.”
Professor John Gallagher, Director of Cognate Health, said the deal would support the next phase of the company’s growth. “As Ireland’s leading occupational health provider, we are pleased to work with a company that shares our values in workforce wellbeing,” he said.
Financial Terms
The transaction includes an upfront payment of €7 million, with an additional earn-out of up to €2 million tied to Cognate’s financial performance over the next two years. The deal will be funded through Optima’s existing financing facilities.
In its most recent fiscal year, Cognate reported audited revenue of €7.37 million, a pre-tax profit of €0.86 million, and net assets of €1.28 million as of December 31, 2024.
Optima Health, listed on the AIM market of the London Stock Exchange (AIM: OPT), said it will continue evaluating additional acquisitions to drive growth in the occupational health sector.
Optima Health is a UK leader in technology-enabled workplace health and wellbeing solutions, serving corporate clients with occupational health, employee assistance programs, and wellbeing services.
Cognate Health is a Dublin-based occupational health provider offering workplace health assessments, injury prevention, and employee wellbeing programs across Ireland.