Capita has acquired Medicals Direct for £13.2m on a cash free-debt free basis, and a deferred consideration, linked to profit performance, of up to £2m.
Medicals Direct which provides medical screening services, made an operating profit of £2.25m on turnover of £18.6m last year.
Mike Benton, managing director of Medicals Direct, declared himself happy: I think this is a great deal and good for all parties."
He is leaving the insurance sector and is to start another business, Infinity Health, in medical software and medical polycare clinics, offering multiple medical services under one roof.
"We are looking to make acquisitions in and around London and already have two targets," he said.
Commenting, Paul Pindar, chief executive at Capita, , said: "MDG provides more than 150,000 medical screenings every year, primarily to the life and pensions sector.
"The acquisition adds new capabilities to Capita by, for example, allowing Capita to enter the home-based screening market.
"This investment works well with our existing portfolio of clinic and mobile unit screening services, aligns our health proposition with Capita's existing life and pensions business and adds important new capability to large scale contracts we may be targeting in the wider private and public sectors."
