INVO Bioscience to acquire Madison-based Wisconsin Fertility Institute
INVO Bioscience, a US-based fertility company, has agreed to acquire Wisconsin Fertility Institute, a Madison-based fertility center, for $10 million.
The fertility center mainly provides traditional in vitro fertilization (IVF) procedures. It generated around $5.5 million in revenue and a net income of about $1.9 million for the trailing twelve-month period that ended on 30 September 2022.
Wisconsin Fertility Institute is said to have helped to give birth to more than 5,000 babies since it opened its doors in 2007. The fertility center completed about 550 traditional IVF procedures in 2022.
The clinic is headed by fertility specialist and co-founder Dr Elizabeth Pritts, who will remain as its chief doctor for a minimum of three years after the date of closing the acquisition.
Dr Elizabeth Pritts said: “I’m excited to be teaming up with INVO as a unique and attractive partner to help advance us to the next phase of our practice.
“INVO’s commercial strategy and patient focus, along with its public-company platform and the INVOcell technology itself, offers an exciting pathway to build value and increase access to an efficient, effective, affordable, and connected experience in reproductive treatment.”
Wisconsin Fertility Institute joins INVO Bioscience’s range of fertility centers with clinics operating within Atlanta (Bloom Fertility), Monterrey, Mexico (Positib Fertility), and Birmingham (Innovative Fertility Specialists).
INVO Bioscience is expected to develop clinics like the fully-owned INVO Center located in Tampa, Florida that is currently in the process of being built.
The company has developed a medical device called INVOcell, which is said to allow fertilization and early embryo development to take place in vivo with the woman’s body.
INVOcell is also accessible at a growing number of fertility centers that are not affiliated with the company in the US and around the world, said INVO Bioscience.
When the transaction closes, which is likely in Q2 2023 subject to the completion of the customary closing procedures, Wisconsin Fertility Institute will become a wholly-owned subsidiary of INVO Bioscience is expected to develop clinics like the fully-owned INVO Center.
Steve Shum — INVO Bioscience CEO said: “We are excited by the opportunity to partner with Dr. Pritts, the clinic’s lead physician and co-founder, as well as with the director of its high complexity lab, Dr. Megid, and the rest of their team at Wisconsin Fertility Institute, a nationally recognized advanced fertility center and one of Wisconsin’s leading IVF clinics.
“We believe that the acquisition of profitable IVF clinics complements our overall growth strategy and is strategically significant to accelerating the success of our mission. The Wisconsin Fertility Institute immediately adds scale and positive cash flow to our operations and we expect to drive incremental growth at the clinic with the synergistic introduction of our INVOcell solution.”