LONDON (Alliance News) - Social care services provider CareTech Holdings PLC on Tuesday said it has struck a GBP20.3 million deal to acquire Northampton-based Oakleaf Care (Hartwell) Ltd.
CareTech will pay GBP18.3 million upfront to acquire Oakleaf, with a further GBP2.0 million due dependent on Oakleaf meeting performance targets.
Oakleaf is a specialist care and rehabilitation operator focused on male patients with brain injuries. It currently operates 102 residential beds across nine freehold sites in the Northampton area.
CareTech said the deal will build on its existing neurological services offering and provide a further regional growth platform for the group.
"We are delighted to announce the acquisition of Oakleaf, a high quality business with first class, purpose-built facilities and a strong clinical reputation that provides specialist care to people with acquired brain injury," said Farouq Sheikh, CareTech's executive chairman.
CareTech shares were down 1.0% to 234.05 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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