"All three acquisitions are expected to enhance earnings in the current financial year and the post tax returns are expected to exceed Carter & Carter’s weighted average cost of capital in the first full year of ownership," said Carter & Carter.
The training division of Quantica was bought for £11 million. Quantica Training, which employs around 125 staff, is a provider of vocational learning in the London area and also has a presence in the North West. It has around 1,100 apprentices on training programmes.
In the year ended December 2 2005, the Quantica Training business generated operating profit of £1.2 million on revenue of £4.9 million and had gross assets of £4.2 million at that date.
Carter & Carter is acquiring the entire issued share capital of NTP from its employee shareholders and the Employee Benefit Trust who own the company, for a maximum consideration of £7.9 million.
NTP is based in Sheffield and has around 220 staff. The business is focused in three areas:
In the year ended March 31, 2005, NTP generated a profit before tax of £0.55 million on revenues of £13.81 million and had gross assets of £13 million.
Carter & Carter is acquiring the entire issued share capital of IMS from the four founding shareholders for a total of £3.5 million.
IMS, based in Bradford, is a national training provider and employs 30 staff. The business specializes in providing training services to the food processing and distribution sector where its clients include Northern Foods, Nestle, United Biscuits and RHM.
In the year ended December 31, 2005, IMS generated a profit before tax of £0.4 million on revenues of £3.9 million and had gross assets of £1.1 million at the year end.