WELL Health expands into Quebec
December 9, 2020
VANCOUVER and MONTREAL – WELL Health Technologies Corp., a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, has acquired ExcelleMD Inc. and its affiliate VirtuelMED Inc. ExcelleMD is a Montréal based omni-channel healthcare company providing both virtual and in-person care via its five multi-disciplinary clinics and 38 healthcare practitioners.
ExcelleMD offers an extensive menu of services including primary healthcare, executive health and aesthetic services. ExcelleMD’s current Annual Revenue Run-rate is approximately $6 million.
This acquisition marks WELL’s entry into the province of Québec, as well as higher margin corporate and executive health services.
“ExcelleMD owns and operates a highly sophisticated multi-disciplinary network of clinics that has successfully integrated virtual care with its portfolio of high value services, which includes primary care as well as corporate and executive health services,” said Hamed Shahbazi, WELL’s chairman and CEO.
He added, “Québec is a large market opportunity for us and ExcelleMD is intended to be a foundational acquisition for WELL’s expansion into Eastern Canada and into corporate and executive health services, which we will look to expand nationwide.”
In consideration for the acquisition of ExcelleMD and VirtuelMED, the Company paid $4.5 million in cash on the closing date; issued $2.25 million WELL common shares; agreed to pay the majority of the $1.5 million holdback amount in cash within 120 days of the closing date; and agreed to pay a multi-year performance earn-out that may also be paid in WELL common shares.
ExcelleMD group has 26 medical practitioners and 12 nurse practitioners providing healthcare services across two clinics in Montreal in L’Acadie and Outremont regions, two clinics located in Saint-Eustache and one in Terrebonne.
ExcelleMD is an omni-channel healthcare provider servicing companies, executives and consumers. In addition to providing primary care services, ExcelleMD also provides additional healthcare related services and treatments including sports medicine, management of ADD (attention deficit disorder), andropause (low testosterone), comprehensive health check-ups, corporate health services, screening for STDs, and care for mental health. In addition, the clinics screen, diagnose and treat diabetes, high cholesterol, and hypertension.
ExcelleMD has a growing ‘B2B’ service for organizations that require services such as annual employee health assessments, check-ups for the organization’s executives, pre-hire physical exams for potential new employees and a range of services that are offered to businesses.
“We are pleased to join the WELL team. Beyond benefiting from best-in-class technology and support, we share a common vision of client-centered healthcare, delivered through a complete omni-channel ecosystem integrating telemedicine with physical clinics, as well as medical providers and allied health professionals. This is truly an opportunity to positively impact and change healthcare delivery in Canada and beyond,” said Dr. Christian Lamarre (pictured), founder and owner of ExcelleMD and VirtuelMED.
VirtuelMED is the virtual care platform that ExcelleMD practitioners have been utilizing to provide telehealth services to their B2B customers. WELL expects to migrate these practitioners and patients to WELL’s own proprietary platforms in the coming months.
“ExcelleMD is already offering renewed, evidence-based and tailored, preventive and corporate health consultations in Québec. One-size fits all type of medical examination is passé. By joining WELL Health we will be able to offer this progressive way of thinking about corporate health across Canada,” added co-founder and co-owner of ExcelleMD, Dr. Patricia Côté.
Dr. Côté is the medical director and key leader behind ExcelleMD Esthetique, providing an extensive portfolio of aesthetic services including but not limited to neuromodulators and fillers, Hydrafacial, Photorajuvenation, Skin Tightening, Coolsculpting, EMSculpt and Laser Hair Removal. For more information on the company’s aesthetic services, please visit www.excellemdesthetique.com.
ExcelleMD has also created a network of non-corporate owned affiliate locations that participate in its executive health offerings across the country and has negotiated options to acquire at least two such affiliates. WELL anticipates these options will give the company further expansion opportunities within the provinces of Québec (ExcelleMD Mont Tremblant) and Ontario (ExcelMD Toronto). WELL intends to exercise these accretive acquisition opportunities and grow the ExcelleMD footprint to at least seven locations within the next couple of years.