The training group bought Constant Browning Edmonds (CBE) for £16.5 million in cash from its five shareholders. Two of the shareholders, the current managing director and the director of strategy will continue with the business following the acquisition.
Carter & Carter also acquired the Nottingham Engineering Training Association Limited ('NETA') which includes a freehold engineering training facility. NETA had gross assets of £0.9 million at August 31, 2006.
CBE, which employs 145 staff, is a provider of work based learning to the retail sector. The company holds Learning and Skills Council contracts across the country to deliver ‘Train to Gain’ and apprenticeship programmes.
In the year ended July 31, 2006, CBE Limited generated profit before tax of £1.2m on revenue of £4.2m and had gross assets of £1.1m at that date.
The NETA operation employs 13 staff and delivers apprenticeship training to learners who work for engineering companies in and around Nottingham.
Rodney Westhead, chairman and interim CEO of Carter & Carter, said the new businesses are expected to enhance the group’s earnings in the first full year of ownership.
"I am delighted to announce these acquisitions which provide a further demonstration of our stated strategy to focus on key sector areas which include engineering and retail," said Westhead.