Latus Health is targeting several business acquisitions as part of its three-year strategy to become the UK’s first fully remote occupational health services provider.
The first acquisition made by the Hull-based business is the Reward Me Now employee health and wellbeing platform, which includes the Reward Me Now smartphone app, as part of its vision to create a healthier, greener future for all.
Latus Health, which is owned by former Hull Kingston Rovers rugby stars Jack and Sam Latus, together with their brother Will, provides a full spectrum of occupational health services designed to protect businesses and promote a healthy workforce.
Due to its agility and innovative approach, Latus Health has seen rapid year-on-year growth – recording turnover of £5.75m with an EBITDA of £2.5m in its 2021 financial year.
Chief Executive Officer Jack Latus said: “Our three-year strategy is focused on capitalising and building upon this achievement by improving access to preventative healthcare through digital-based solutions.”
The firm is looking to acquire businesses in the occupational health, physiotherapy, and GP healthcare sectors.
Its strategy combines strategic acquisitions with the development of its own wellbeing programme, which will reduce the health sector’s carbon impact by delivering digital solutions across a variety of disciplines, including mental health, occupational health, musculoskeletal, health screening, online GP services and cancer, cardiac and genetic profiling.
Latus Health is currently targeting the UK market, with plans to expand internationally.
Reward Me Now, which has already been adopted by several large employers, including Eddie Stobart and Hays Travel, will allow Latus Health to offer businesses a custom-branded app designed to improve employee wellbeing and engagement, including employee rewards for making healthy decisions.
The platform can be used to offer employees a variety of discounts and can reward staff the more an individual, team, or entire workforce exercises.
Advising Latus Health on its acquisition of the Reward Me Now business from Redu Group was Newcastle-based RGCF Partner and Head of Corporate Finance, Carl Swansbury, Corporate Finance Director Rhiannon Nightingale, and Corporate Finance Assistant Ben Kain. Legal advice was provided by the Newcastle Office of Hull-based law firm Pepperells, led by Associate Solicitors Peter Millican and Solicitor Vanessa Saleh.
RGCF will work closely with Latus Health to identify further acquisition targets and advise on subsequent transactions.
Redu Group was advised by law firm Weightmans, led by Partner Paul Wigham.
Jack Latus added: “The acquisition of Reward Me Now will be the first of many as Latus Health begins to develop its, first of its kind, connected health platform (CHP), with the objective of delivering a holistic support ecosystem for every employee, ensuring the care they require is available within hours at the simple click of a button.”
Gary Hunter, CEO of Redu Group, which is headquartered in Seaham, County Durham, said: “The Reward Me Now platform has already been used to great effect by several large employers, and has encouraged people to increase their level of physical activity, which also has a positive effect on productivity.”
Carl Swansbury of RGCF said: “The acquisition of this business is an important step forward in the growth strategy of Latus Health and brings value to its capabilities. We look forward to supporting the company with further acquisitions in the months and years ahead.”
Peter Millican of Pepperells, Newcastle, said: “We can see how successful the Reward Me Now platform is becoming and we’re thinking about adopting it for Pepperells. Latus Health represents what we believe in as a firm and aligns with our ‘Partner for Life’ ethos.”