CareTech to buy Cambian
Social care operator CareTech Holdings has agreed to buy children’s services provider Cambian Group in a share transfer deal said to be worth up to £372m.
CareTech executive chairman Farouq Sheikh said CareTech and Cambian were highly complementary businesses and the deal would create the opportunity to improve outcomes for existing and future service users, to better serve care commissioners, to enhance opportunities for staff and to drive the focus on quality.
The executive directors of CareTech will remain in post of the enlarged group. Cambian chairman Christopher Kemball said that, while the Cambian board felt that the business already had a promising future as the largest independent provider of childcare, the deal with CareTech represented an attractive proposition for Cambian shareholders and broader stakeholders.
“Like Cambian, CareTech has an excellent reputation for the quality of its specialist education and behavioural health services as evidenced by CQC and Ofsted ratings ahead of sector averages,” said Mr Kemball.
“This should ensure that the children currently in Cambian’s care will be well cared for. Furthermore, like Cambian, CareTech promotes employee development and will continue promoting staff continuity.”
The enlarged group will retain CareTech’s name and it is intended that the Cambian brand will be kept. The deal is likely to be completed before the end of the year.