Venture Life Group plc (AIM:VLG) acquired Hl Healthcare Limited for GBP 13 million on December 1, 2022. The total consideration of GBP 13 million will be settled by an initial cash consideration of GBP 8 million, GBP 3 million contingent consideration based on revenue performance for the year ending 31 March 2023 and the issue of a GBP 2 million subordinated loan note, due to mature in 2024. The cash consideration assumes HL is cash and debt free other than normalised working capital, and is subject to a completion accounts adjustment. VLG acquired three new ENT brands through this acquisition. As part of this transaction, one employee will be retained, and the founder will be supporting the business post completion. The acquisition will be funded from VLG's existing cash resources and its revolving credit facility. For the year ended 31 March 2022, HL generated reported EBITDA of £1.7 million on revenues of £4.5 million. Net assets at 31 March 2022 were £1.7 million. Net profit after tax for the year was £1.4 million.

Venture Life Group plc (AIM:VLG) completed the acquisition of Hl Healthcare Limited on December 1, 2022.