Optima Health announced on 16 February an agreement to acquire PAM Healthcare, an occupational health and wellbeing provider, for about £100m from private equity investor LDC.
Why Optima Health plc is buying PAM Healthcare Limited
Optima said the deal makes it the leading UK occupational health provider and is a major step towards its medium-term targets of £200m of revenue and £40m of adjusted EBITDA. It expected synergies of about £1.5m in the first year rising to £5m a year from year three.
Deal terms and financing
The acquisition is on a debt-free, cash-free basis. It was financed with £70m of new secured facilities from HSBC and Barclays and a £30m bridge from Deacon Street Partners, controlled by substantial shareholder Michael Ashcroft, to be repaid through an underwritten £35m open offer at 175p a share.
Regulatory approvals and timing
The only condition was clearance under Ireland's foreign direct investment screening regime. The acquisition completed on 26 March 2026, according to Panmure Liberum.
Market context
PAM reported 2025 revenue of £66.6m, a three-year compound annual growth rate of 16%, and adjusted EBITDA of £8.2m.
