Divestiture • Healthcare Services

LifeWorks Acquires Benestar

On August 11, 2022, LifeWorks acquired healthcare services company Benestar from Cover-More

Acquisition Context
  • This is LifeWorks’ 1st transaction in the Healthcare Services sector.
  • This is LifeWorks’ 1st transaction in Australia.

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M&A Deal Summary

Date August 11, 2022
Target Benestar
Sector Healthcare Services
Buyer(s) LifeWorks
Sellers(s) Cover-More
Deal Type Divestiture

Target Company

Benestar

Sydney, Australia
Benestar is a provider of workforce health and wellbeing services to organizations. These services include Employee Assistance Program services, trauma counseling, HR consulting, health risk assessments, and organizational development (coaching, training, and facilitation) services. Benestar was founded in 1988 and is based in Sydney, Australia.
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Buyer Overview 1

Buyer

LifeWorks

Toronto, Ontario, Canada

Category Company
Founded 1966
Sector Consumer Services
Revenue 1.0B CAD (2021)
DESCRIPTION

LifeWorks is a provider of digital and in-person solutions that support the total well-being of individuals. LifeWorks deliver a personalized continuum of care that helps clients improve the lives of their people and by doing so, improve their business. LifeWorks was founded in 1966 and is headquartered in Toronto, Ontario.


Deal Context for Buyer #
Overall 2 of 2
Sector: Healthcare Services 1 of 1
Type: Divestiture 1 of 1
Country: Australia 1 of 1
Year: 2022 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-24 Breaking Free

Birmingham, United Kingdom

Breaking Free is a pioneering digital health and behavioral science company specializing in addictions. Breaking Free develop, implement and evaluate evidence-based digital behavior change interventions that empower people to overcome problem drinking, drug misuse, and smoking.

Buy -

Seller Profile 1

SELLER

Cover-More

North Sydney, Australia

Category Company
Founded 1986
Sector Insurance
Revenue 203M AUD (2014)
DESCRIPTION

Cover-More, Inc. is a global specialist and integrated travel insurance, medical assistance, and employee assistance provider. Cover-More has strong market positions in Australia, India and the USA where the group owns Travelex Insurance Services. In addition, Cover-More has a presence in China, Indonesia, Malaysia, New Zealand, and the United Kingdom. Cover-More has diversified distribution across retail travel, aviation, financial institutions and direct which is underpinned by optimization technology.


Deal Context for Seller #
Overall 1 of 1
Sector: Healthcare Services 1 of 1
Type: Divestiture 1 of 1
Country: Australia 1 of 1
Year: 2022 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-01 Halo Insurance Services

Uxbridge, United Kingdom

Halo Insurance Services Ltd. is a provider of online car hire insurance services to individuals and companies. Halo Insurance Services was founded in 2009 and is based in Uxbridge, United Kingdom.

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