National Bank’s PE arm backs ELNA Medical buy of m-Health Solutions

ELNA's acquisition of m-Health Solutions follows its investment earlier this year in MD Connected, a Canadian telemedicine services provider.

  • The acquisition was backed by National Bank Private Equity, an investment arm of National Bank of Canada
  • ELNA Medical serves more than 1.5 million Canadians every year

ELNA Medical, a Montreal-based network of medical clinics, has acquired m-Health Solutions, a Hamilton, Ontario-based remote health diagnostics and monitoring solution for ambulatory patients. No financial terms were disclosed.

The acquisition was backed by National Bank Private Equity, an investment arm of National Bank of Canada.

Used by more than 4,300 physicians and specialists in over 60 hospitals and medical establishments across Ontario, m-Health Solutions provides in-home cardiac diagnostic and real-time monitoring systems. The company was founded in 2010.

ELNA Medical is Canada’s largest network of medical clinics, the company said, serving more than 1.5 million Canadians every year.

“At ELNA we’re transforming the Canadian healthcare experience by making quality care not only accessible but convenient, when and where patients want it, through our three-pronged omnichannel ecosystem comprised of our 95 bricks and mortar clinics and points of care, virtual care offerings and innovative in-home solutions,” said Laurent Amram, President and Founder of ELNA Medical, in a statement

“Improving the well-being of Canadians is at the heart of the National Bank’s core values. National Bank Private Equity was pleased to provide financial support to ELNA Medical for this significant transaction,” said Luc Ménard, executive vice-president, general manager and head of private equity at National Bank.

ELNA’s acquisition of m-Health Solutions follows its investment earlier this year in MD Connected. The latter is a Canadian telemedicine services provider connecting patients with medical practitioners via fully digital and human-assisted telemedicine clinics.

CIBC Mid-Market Investment Banking was financial advisor to m-Health Solutions on the deal.