Zenitas Healthcare Ltd. agreed to fully acquire Agewell Physiotherapy for A$4.8 million.
Agewell is a mobile physiotherapy provider to 43 residential aged care facilities in New South Wales and Queensland, Australia. The company generated revenue of A$6.1 million in fiscal 2017.
Zenitas expects to complete the acquisition in February 2018, subject to customary closing conditions, funding it using existing cash reserves.
"The partnership with Agewell will accelerate Zenitas' entrance into the physiotherapy aged care services market nationally," Zenitas CEO Justin Walter said in a news release.
Zenitas on Dec. 21 acquired an 80% interest in Peninsula Sports Medicine Group for A$7.5 million, on the back of a A$30 million capital raising it recently completed.