AN OCCUPATIONAL health services firm in Co. Cork has been acquired by British company Optima Health for €9m.
Cognate Health is one of Ireland's top occupational health providers, focused on preventing work-related illnesses and injuries, protecting workers from occupational hazards and promoting overall workplace health and safety.
On Friday, Optima Health — which has offices in England, Scotland and Northern Ireland — announced that it had agreed to acquire the entire issued share capital of Cognate for a total cash consideration of up to €9m on a cash free, debt free basis.
"The acquisition of Cognate is a significant milestone for Optima, providing the company with access to a new geographic market," said Optima CEO Jonathan Thomas.
"Cognate's business is strategically aligned with ours, with a focus on occupational health services to improve health and wellbeing in the workplace.
"We look forward to integrating the businesses and benefiting from the significant additional clinical capabilities, and revenue synergies, as we continue to evaluate further value-enhancing bolt-on opportunities in the market."
The acquisition of Cognate, located in the Ballintemple suburb of Cork, will see Optima establish a base in Ireland with around 30 clinic sites across the country.
Expanding Optima Health's customer base, the deal will also strengthen its ability to service multinational clients with operations in Britain and Ireland.
The acquisition also brings additional clinical capabilities in the form of approximately 60 experienced Cognate employees and a network of 35 Occupational Health Physicians.
Professor John Gallagher, Director of Cognate Health Limited, said the acquisition by Optima would help Cognate expand into the 'next phase' of its development.
"As Ireland's leading occupational health provider, Cognate is focused on supporting and improving the wellbeing of the country's workforce," he said.
"We are pleased to work with a company that shares our values as we move to the next phase of Cognate's journey."
See More: Cognate Health, Cork, Optima Health
