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Mears expands in homecare sector

19 Apr 13 The drive to look after not just buildings but also the people within them has seen Mears make another move into the care sector.

It has paid £22.5m to take over Scottish homecare company ILS.

ILS provides community-based care services to approximately 3,400 service users. More than 40% of its work is in higher acuity services, giving Mears a platform to roll out higher acuity services across the UK.

A share placing is expected to raise £19.7m for the deal, with the balance coming from existing debt facility.

For the 12 months ended 31 January 2013 ILS generated unaudited EBITDA of £2.89m (before corporate costs) on revenues of £24.4m.

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