MITIE make £110m acquisition
Outsourcing group MITIE have acquired Surrey care firm Enara Group Limited for a total consideration of £110.8m.
Enara is the fourth largest provider of home care services in the country, and the debt free deal will allow MITIE to expand into the growing outsourced health and social care sector. The effects of an ageing population, together with cost pressures have pushed hospitals and residential care providers towards care in the community. Enara provide care through local authority, NHS and private pay agreements. For the year ending March 31 2013, the firm is expected to post an operating profit before amortisation of £10.1m.
The acquisition has been funded by £150m provided by existing MITIE lenders, which will be refinanced into longer term debt facilities. A Health Advisory Board has been developed by MITIE to guide the strategy of its healthcare offering. Ruby McGregor-Smith CBE, chief executive of MITIE, said: “We are delighted to have made this strategic acquisition, which establishes us as a market leader in home care. Enara will provide us with a step-change in our service proposition as well as a platform to grow in the wider healthcare sector. We welcome Enara’s people to MITIE.” Dr Andy Dun, managing director of Enara, said: “Enara has been providing high quality home care in the UK since 1996 and we are very proud of our excellent reputation with the people we care for and their families. We look forward to developing the business and working as part of MITIE.”
This was posted in Bdaily's Members' News section by Tom Keighley .
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