All eyes on growth for Optimism Health Group following its acquisition of The Outside Clinic
- Optimism Health Group is a new healthcare investment business, focussing on providing technology solutions and clinical and support services to older people in their homes
- The purchase of Outside Clinic, which is one of the UK’s largest providers of home eye care and hearing provision, marks Optimism’s first acquisition
- The business is now primed for growth through a buy‐and‐build strategy and further market expansion
- Optimism’s acquisition was financed through a combination of Private Equity and a £4.95m commercial loan by Shawbrook Bank
One of the UK’s largest providers of home eyecare and hearing services is set for expansion.
Complete Price Eyewear, trading as Outside Clinic, was bought by Optimism Health Group with the aim of growing the business via a buy‐and‐build strategy as well as organically through new markets.
Outside Clinic exclusively serves the over 65’s market across the UK who are eligible for free eyesight and hearing tests from the NHS, as well as those who are unable to access traditional retail opticians.
The acquisition was part-funded thanks to private equity and a £4.95m commercial loan provided by specialist SME lender, Shawbrook Bank.
Henry Pitman, Founder and Chairman of Optimism and who has more than 30 years’ experience in developing and running large support services and healthcare groups, said: “We are delighted to announce the acquisition of Outside Clinic, which has established a reputation for providing the highest quality eye tests and hearing tests in older people’s homes.
“This business, which already operates nationally, has the potential to expand both in the UK and mainland Europe, providing ‘at home’ services not only to older people, who struggle to get to a high street optician, but also to an increasing number of people from other demographics who prefer to see an Optometrist or Audiologist in the comfort of their own home.”
Outside Clinic, based in Swindon, Wilts, has a client database of 250,000 customers and on average conducts 100,000 eye and hearing tests per year.
Henry added: “The commercial loan provided by Shawbrook part‐financed the acquisition and has provided the business with the financial flexibility to pursue its growth strategy. Throughout the acquisition process Shawbrook, demonstrated their strong appetite to support this project and their knowledge of the wider UK healthcare market made a real difference.”
Claire Perman, Associate Director at Shawbrook Healthcare Finance, said: “For Shawbrook, this was a fantastic opportunity to support a new healthcare investment business, Optimism Health Group, with their first acquisition. Outside Clinic is a long established and high-quality clinical business, providing eye care and hearing care services to the fast-growing older demographic.
“We are confident that this acquisition will prove to be extremely fruitful for both Optimism and Outside Clinic in months and years to come.”
John Lucas, Partner at Hazlewoods, who were legal advisors on the deal, said: “Hazlewoods Corporate Finance team were delighted to assist Optimism Health Group in the acquisition of Outside Clinic. The OHG team has significant experience with high quality growth businesses and we look forward to working with the business as it continues to develop and acquire high quality healthcare at home services.”
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Shawbrook Bank is a specialist UK savings and lending bank founded in 2011 to serve the needs of SMEs and individuals.
The Bank’s Business Finance business provides UK SMEs with sustainable specialist finance packages for a variety of purposes.
Its healthcare business offers tailored finance solutions to the sector, supporting the funding of both medical and non-medical assets to optimise cash flow, fund growth or evolution.
Shawbrook’s healthcare clients include NHS Trusts, private clinics, public and private hospitals, general practices, pharmacies, dentists and opticians as well as healthcare start-ups.