Eurica acquires Care

Interior Services Group subsidiary Eurica has acquired FM provider Care Services Ltd for £12M in the latest step in ISG's strategy of building a 'total occupancy services' group.

An initial payment of £9M, part cash and part ISG shares, is being made now, with the remainder contingent on care's performance through the end of next April.

Care, with 1700 staff generating a turnover of about £16M, specialises in maintenance, cleaning, catering and front-of-house services for public and private sector clients through a network of offices in the UK. Over 90% of its workload is held on long-term contracts. It is seen as a good complement to previous acquisitions, property management specialists Hudson Waters and surveyors Walker Son & Packman.

Eurica chief executive Julian Squire said of this latest move: "It enables us to deliver businesses with a full range of support services, from property management to business infrastructure. As the purchase takes the group into new market sectors, there will be many opportunities to add value to companies through cross-selling."

In addition to Eurica, the AIM-listed ISG includes fit-out and refurbishment specialist Interior and new build specialist Exterior.

Elliott Chase