New takeover for Claimar

03/10/2007 Robert Tyerman

Acquisitive Claimar Care Group is paying £33.1 million in shares and cash for Complete Care Holdings and raising £23 million.

AIM star Claimar, which provides domiciliary care for the old and infirm throughout the Midlands and North West, has chosen Complete Care, a leading supplier of bespoke care packages to adults and children with severe disabilities, as its biggest acquisition to date. Complete Care, which lifted operating profits from £270,000 to £980,000 between 2004 and 2006 on turnover up from £7.6 million to £13.4 million, should open up new opportunities for its Birmingham-based acquirer and advance Claimar's strategy of securing market leadership.

Claimar is partly funding the deal through a £23 million placing at 137p, handled by broker Arden Partners. At 143.5p, its shares were 3p higher this morning and could go further.

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