Domiciliary care services provider Claimar Care Group plc has completed its tenth acquisition since it joined AIM last year.
Domiciliary care services provider Claimar Care Group plc has completed its tenth acquisition since it joined AIM last year.
The group, which provides its services to local authorities in the Midlands and Northwest, has bought Acorn Home Care in its largest deal since its IPO 16 months ago.
The deal has been agreed for some £10.2 million, with £8.3 million paid in cash funded from the proceeds of its March placing and through debt. The consideration includes £1 million worth of shares with the balance in loan notes.
Claimar was advised throughout the transaction by law firm Higgs & Sons, led by partner Nick Taylor. The firm’s team included Damian Beard, Paul Hunt, Peter Coleman and Jo Walker.
Taylor said this acquisition is the latest in a long line carried out by the firm on Claimar’s behalf.
“The acquisition marks another milestone in Claimar’s ongoing growth and success and Higgs looks forward to continuing to assist with and support that growth and success.”
Claimar received tax support from accountant Mazars LLP, which has advised the group since it was established in the late 1980s.
The firm’s team was headed by tax partner Phil Waller, who said Mazars has advised Claimar on its flotation and the numerous transactions that followed. “Acorn provided a number of opportunities where we helped with the negotiations from a taxation perspective and were able to contribute, in a small part, to the overall negotiations.
“Going forward, Acorn will enhance the existing business and enable Claimar to help and support many more people in their own homes,” he added.
The Acorn deal strengthens Claimar’s existing business and takes its workforce to some 2,000 providing more than 46,000 hours of service each week. The group now has 40 contracts with local authorities, many of which are long-term typically between three to five years.
This is not the last of the group’s acquisitions, with its chief executive admitting that the board are already holding discussions with several parties regarding potential deals.
Acorn is a domiciliary care provider delivering more than 13,000 hours each week from 14 branches. It has contracts with 13 local authorities and employs some 600 staff.
In the 12 months to July last year, Acorn’s un-audited accounts showed a £5.6 million turnover and a £58,000 pre-tax profit.
