Manitoba Clinic sale complete, joins B.C.-based network

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This article was published 16/01/2024 (640 days ago), so information in it may no longer be current.

The Manitoba Clinic, which had sought bankruptcy protection last year, has been purchased by a Vancouver-based health giant.

The sale of the Winnipeg centre (the province’s largest private clinic) was finalized Dec. 1, but needed court approval, a Well Health Clinic Network Inc. statement announced Tuesday.

No price has been made public, but a statement from Well said it was one of two Canadian clinics the company purchased late in 2023, “generating approximately $28 million in annualized revenues for total consideration of less than $400,000.”

The deal doesn’t include the building at 790 Sherbrook St.

Well Health Technologies founder and chief executive officer Hamed Shahbazi said in a statement its a sign of his company’s growth that doctors and clinic owners are now coming to them asking the company to buy them or help manage the clinics.

“This is because care providers are increasingly trusting Well and looking to be absorbed by Well such that they be supported with professional management that allow them (to) focus on delivering the best care possible,” Shahbazi said.

The company said the purchase also marks its first entry into Manitoba. It operates 167 clinics in 98 facilities across the country.

“This crucial step aligns with Well’s vision of creating a nationwide network of physical and virtual health-care services,” a company statement said. “(The move) not only expands its geographical footprint, but also lays a foundation for further clinical expansion within the province.”

In September 2023, when word of the potential deal became known, a source told the Free Press a separate bid by doctors at the clinic had been rejected.

After the clinic entered creditor protection, many of its physicians moved to other clinics or retired.

Well said there are currently more than 40 doctors working at the clinic.