Contractor says its £12.5 purchase of 3C Asset Management will boost turnover by £20m
Social housing repair and maintenance contractor Mears has bought 3C Asset Management, the company formerly known as Erinaceous Property Management, for £12.5m.
Mears said the deal will boost its turnover by more than £20m in 2009.
Payment of the full price depends on all performance criteria being met.
Mears chief executive Bob Holt said: "The acquisition of the 3C business will fit comfortably into our social housing services division and broaden its footprint in southern England. I am delighted to welcome a further 600 employees into the group's social housing services division which is one of the growth engines of the company alongside our domiciliary care division. We continue to seek businesses with the potential to meet the strategic objectives of the group."
In the year ended 31 December 2007, 3C turned over £40.7m with a pre-tax loss of £6.3m.