All smiles with acquisition
A DENTAL practice in Buderim is a strategic acquisition which will create scale and scope for further growth, according to industry consolidator 1300SMILES Ltd.
The Townsville- based dental management group told the Australian Securities Exchange it had now settled on the acquisition of the Sunshine Coast hinterland practice.
It will be one of several recent acquisitions which now expands the group to more than 30 practices in three states although its scope at present is predominantly in Queensland.
1300SMILES managing director Daryl Holmes said Buderim was a strategic acquisition, creating scale and scope for growth and adding to a geographic corridor and hub that was integral to its business operations and model.
“This acquisition is a great fit for 1300SMILES and we are confident it will contribute to solid returns for shareholders,” Dr Holmes said.
The acquisition is being funded from cash and settlement, which was subject to conditions including due diligence, occurred on March 14.
The move follows other recent purchases including Maleny, Gladstone, Roma and Ingham.
Releasing half- year results last month, Dr Holmes said consolidation in the industry was “nowhere near complete”.
1300SMILES shares are trading around $ 6.50 this week, down from $ 7 last year.