Latest news with #Carefirst
Business Upturn
06-05-2025
- Business
- Business Upturn
Optima Health to acquire Care first
By GlobeNewswire Published on May 6, 2025, 16:00 IST Optima Health to acquire Care first, a leading provider of mental health services, for a net consideration of £15,000, adding c.£3.7 million revenue to the Group Acquisition provides Optima with increased scale in its Mental Health division and will complement its existing Employee Assistance Programme ('EAP') service offering, bringing over 1,000 new customers, and c.40 employees Aligns with strategy of consolidating margin accretive businesses in areas with significant existing expertise, creating additional growth opportunities and scale benefits LONDON, UK, 6 May 2025, Optima Health (AIM: OPT), the UK's leading provider of technology enabled corporate health and wellbeing solutions, today announces that it has entered into an agreement to acquire the trade and assets of Care first ('Care first'), a leading provider of mental health services from Priory Group for a cash consideration of £350,000 (£15,000 net) on a cash free, debt free basis (the 'Acquisition'). The effective date will be 2 June 2025. The Acquisition will expand Optima Health's scale in the provision of mental health services, with Care first complementing the Group's existing EAP service offering. The deal will also expand Optima's customer base with the addition of over 1,000 new customers, presenting further cross selling opportunities of other occupational health and wellbeing solutions. Alongside this, the Acquisition brings additional specialist capabilities with approximately 40 experienced employees with a substantial network. This Acquisition aligns with Optima Health's strategic focus in the occupational health sector, consolidating margin accretive and value creating businesses in areas where we have significant expertise, creating additional growth opportunities and scale benefits with enhanced operating leverage. Further to the Acquisition, and as previously reported, there are significant opportunities to accelerate growth, and the Board will continue to evaluate bolt-on acquisitions and consolidation in the market. Jonathan Thomas, Chief Executive Officer of Optima Health, said: ' The acquisition of Care first demonstrates our ability to continue to execute on our communicated strategy. The business is strategically aligned with ours in a market we understand extremely well, creating opportunities for scale. We look forward to integrating the businesses and benefiting from the significant additional specialist capabilities and revenue growth opportunities, as we continue to evaluate further value-enhancing bolt-on opportunities in the market.' Financial considerations Under the terms of the agreement to acquire the entire trade and assets of Care first on a cash free, debt free basis, Optima Health will pay a consideration of £350,000 on completion, offset by an apportionment adjustment of £335,000, meaning a net consideration of £15,000. The Acquisition will be financed using the Group's existing financing facilities. In the 12 months to December 2024, Care first generated unaudited revenue of £4.4 million. Enquiries Optima Health Jonathan Thomas, CEO Heidi Giles, CFO +44(0)3300085113 [email protected] Nominated Adviser and Corporate Broker Panmure Liberum Limited Emma Earl / Will Goode / Mark Rogers Rupert Dearden +44 (0)20 3100 2000 UK Financial PR Adviser ICR Healthcare Mary-Jane Elliott / Angela Gray / Lindsey Neville [email protected] About Optima Health Optima Health is the UK's leading provider of occupational health and wellbeing services, directly influencing and improving people's lives for 25 years. Optima Health's incredible team of professionals quickly and effectively encapsulate client's needs, supporting organisations of all shapes and sizes. Through tailored solutions and innovative systems, Optima Health offers unparalleled clinical expertise to its clients. These solutions ensure that processes are simple and allow its clients to spend more time focusing on their employees driving a healthy, high-performing workplace. For more information visit Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
01-05-2025
- Health
- Yahoo
CareFirst gifts $6.2M to support Coppin State medical program
Coppin State University announced Wednesday that it received a $6.22 million investment from CareFirst BlueCross BlueShield to expand its health services and education. The investment, the largest philanthropic gift Coppin State has ever received, is aimed at renovating and expanding the university's health center, as well as building up its healthcare education and scholarship programs. One of these programs, the Carefirst scholarship program, will help train medical students through hands-on experience at Coppin State's health center. 'Our partnership with Coppin State responds to a critical need for a well-trained pool of healthcare professionals and greater access to quality care while strengthening a hub for transformative solutions,' said CareFirst president and CEO Brian D. Pieninck, in a news release. Pieninck noted that historically Black colleges and universities, like Coppin, 'receive 178 times less funding than Ivy League institutions, despite being engines of growth and innovation for communities of color.' 'This investment is about more than expanding services — it's about shifting the trajectory of our communities by improving opportunity and access,' he said in the release. Coppin State President Anthony L. Jenkins said the funding will help create jobs, build skills and improve health in the community, noting the two organizations' work on CareFirst's West Baltimore Workforce Development Program. 'This partnership is something special and an investment that will have a lasting impact on our students and the west side of Baltimore,' Jenkins said in the release. Have a news tip? Contact Mathew Schumer at mschumer@ 443-890-7423 and on X as @mmmschumer.
