1st Dec 2015 09:17
LONDON (Alliance News) - Social care services provider CareTech Holdings PLC on Tuesday said it has struck a deal to acquire ROC North West Ltd and the children's residential properties it operates for a total of GBP11.4 million.
ROC North West is a residential care and education provider for challenging and vulnerable young people. It currently has a capacity of 41 residential places across 7 residential homes in Lancashire, along with 25 education places at its school in Preston.
CareTech will pay GBP8.7 million upfront and another GBP2.7 million in deferred consideration based on ROC hitting financial targets.
The group expects the acquisition to complement its existing children's residential services units in Scotland and North Wales, along with the services it provides in Staffordshire and Yorkshire.
"We are delighted to announce the acquisition of ROC whose impressive growth in the past few years reflects the quality and innovation of its services and the strength of its local authority relationships," said Farouq Sheikh, CareTech's executive chairman.
CareTech shares were up 0.6% to 241.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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