18 Dec 2012 07:00
News Release
INTERSERVE ACQUIRES LEADING HEALTH CARE
SERVICES COMPANY FOR £26.5 MILLION
December 18th 2012: Interserve, the international support services and construction group, is pleased to announce that it has acquired Advantage Healthcare, a leading UK provider of healthcare at home services.
Highlights:
·; Cash consideration of £26.5m
·; Expands Interserve's capabilities in the provision of front line services
·; Transaction is expected to be EPS accretive in its first full year
The acquisition expands Interserve's public sector service proposition in the UK, widening our access to the £10bn community healthcare market through offering a range of healthcare services at home. This expansion gives Interserve capacity to offer additional services and build upon existing relationships with NHS Primary Care Trusts (PCTs) across the UK. Interserve intends to grow its health business (revenues in excess of £300m in 2011) by broadening the delivery of healthcare services across an extended client base.
Led by a strong management team, Advantage Healthcare has gross assets of c.£5m and in 2012, Advantage Healthcare is expected to report revenues of c.£41m and EBIT of c.£3m.
Commenting on the transaction, Adrian Ringrose, CEO of Interserve said:
"We see the Healthcare and care at home sector as key growth markets and this acquisition both expands our capability, while also being a further step towards delivering the Group's medium term strategy of greater front-line service provision. As part of Interserve, we believe Advantage's growth will be accelerated through innovation, enhanced business development across a wider client base and a number of operational efficiencies."
Interserve acquired Advantage Healthcare from Rutland Partners and management.
Advantage Healthcare manages the care of over 500 individuals with a broad range of healthcare needs. Its healthcare services are provided by nurses and carers and include live-in care, palliative care and complex care. Service users range from babies and young children to the elderly.
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For further information please contact:
Matt Hickman 0118 960 2280
Investor Relations Manager
Robin O'Kelly 0118 932 0123
Director of Communications
Richard Campbell / Ian Brown 0207 307 5334
Capital MSL
About Interserve
Interserve's vision is to redefine the future for people and places. We are one of the world's foremost support services and construction companies, operating in the public and private sectors in the UK and internationally. We offer advice, design, construction, equipment and facilities management services for society's infrastructure. Interserve is based in the UK and is listed in the FTSE 250 index. We have gross revenue of £2.3 billion and a workforce of over 50,000 people worldwide. Website: www.interserve.com.