12th Oct 2015 06:57
LONDON (Alliance News) - NAHL Group PLC Monday said it has agreed to acquire Bush & Company Rehabilitation Ltd for GBP25 million, which it will partly fund through a share placing to raise GBP14.2 million.
Bush & Company provides expert witness, immediate needs assessment and case management services.
NAHL will place 4.12 million new shares at a price of 355 pence, which it said represents a 6.6% discount to the closing mid-market price of its shares last Friday of 380.1p.
It will fund the remainder of the consideration through its existing cash resources and debt facilities.
NAHL said the acquisition is in line with its strategy of making acquisitions in the legal services area and will add to earnings from 2016. Bush & Co reported an adjusted operating profit of GBP3.0 million for the year to end-March, on revenue of GBP8.9 million.
"As we highlighted at the time of our IPO, strategic acquisitions are a key part of our growth strategy and we are delighted with the acquisition of Bush & company," said Chief Executive Officer Russell Atkinson in a statement.
"Bush & Co has a robust operating model, and we look forward to the contribution it will make to the wider Group and welcoming the team to NAHL," Atkinson added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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