- Apiam Animal Health (AHX) acquires veterinary business Harradine & Associates for $2.6 million
- Under the deal, Apium will pay for the acquisition in 80 per cent cash and 20 per cent scrip
- Apiam says that located in Bunbury, Western Australia, Harradine & Associates is the largest and most experienced veterinary hospital in the region
- It has operated for over 50 years and offers services such as general medicine, surgery, endoscopy, ultrasonography and diagnostic imaging
- Shares in Apiam are down 0.67 per cent and trading at 74 cents at 3:15 pm AEDT
Apiam Animal Health (AHX) has acquired veterinary business Harradine & Associates for $2.6 million.
Under the deal, Apium will pay for the acquisition in 80 per cent cash and 20 per cent scrip.
The purchase is expected to settle on November 1, and shares issued to the sellers will be subject to a minimum escrow period of 12 months, with 50 per cent subject to a 24-month escrow period.
Apiam said that located in Bunbury, Western Australia, Harradine & Associates was the largest and most experienced veterinary hospital in the region.
Apiam Managing Director Chris Richards said this acquisition was an “important expansion” into an “attractive” region for the company.
“We see strong growth potential in regional Western Australia, with opportunities to introduce new services and products into these veterinary markets,” Dr Richards said.
“We look forward to continuing to assess further opportunities in this region and continuing to deliver on our accelerated growth strategy in the year ahead.”
Harradine & Associates has operated for over 50 years and offers services such as general medicine, surgery, endoscopy, ultrasonography and diagnostic imaging.
It operates two clinics — a companion animal and livestock clinic — and employs 29 team members, including nine veterinarians.
In FY22, Harradine & Associates generated revenue of $4.4 million.
Shares in Apiam were down 0.67 per cent and trading at 74 cents at 3:15 pm AEDT.