Singapore Paincare Holdings, barely a fortnight after announcing its expansion into China, has acquired Boon Lay Clinic and Surgery for $1 million, valuing the acquisition at 4.3 x earnings.
The sellers are Drs Cynthia Chao Wen Pin and Anthony Chao Tar Liang.
For the year ended June 30 2022, the clinic generated net profit before income tax of $245,749; and its NTA as at June 30 2022 was $303,204.
"The acquisition is part of the Group’s strategy to expand its business operations locally and to grow its client base," says executive director and CEO Dr Bernard Lee Mun Kam (picture).
"The group believes that the business of the target company is complementary to the business" and will let SPH expand its treatment offerings and pain related management services to the Western part of Singapore.
Singapore Paincare shares closed at 18 cents on June 30, unchanged for the day but down 16.19% year to date.
