Source: Sharecast
The AIM-traded firm said the acquisition, due to complete on 2 June, would be made for a net consideration of £15,000, funded from existing facilities.
It described Care First as a provider of mental health services that generated unaudited revenue of £4.4m in the 12 months ended December.
The acquisition was expected to add about £3.7m in revenue to Optima, and would bring over 1,000 new customers and around 40 employees into the group.
It would also enhance Optima’s employee assistance programme, and broaden its specialist capabilities in the mental health segment.
Optima said the deal aligned with its strategy of consolidating margin-accretive businesses in areas of existing expertise, supporting further growth and operating leverage.
The board added that it was continuing to assess bolt-on acquisitions as it pursued market consolidation and expansion opportunities.
“The acquisition of Care First demonstrates our ability to continue to execute on our communicated strategy,” said chief executive officer Jonathan Thomas.
“The business is strategically aligned with ours in a market we understand extremely well, creating opportunities for scale.
“We look forward to integrating the businesses and benefiting from the significant additional specialist capabilities and revenue growth opportunities, as we continue to evaluate further value-enhancing bolt-on opportunities in the market.”
At 1154 BST, shares in Optima Health were up 1.07% at 189p.
Reporting by Josh White for Sharecast.com.
