Capita acquires Reliance Secure Task Management
24 August 2012
Capita acquires medical assessment and criminal justice support services firm,
Reliance Secure Task Management
Capita plc announces that it has acquired Reliance Secure Task Management
Limited (`RSTM') for £20 million on a cash free, debt free basis. This
comprises £9.7 million in purchase consideration and £5.85 million payable to
the vendor group in repayment of intra-group funding, with the balance being
cash required to fund committed capital expenditure, pension obligations and
working capital at completion.
RSTM provides forensic medical services, custody support and secure transport
services to clients including the UK Border Agency, the Ministry of Justice,
NHS trusts and police forces.
The current level of revenues, on an annualised basis, is £75 million. RSTM
made a pro forma operating loss for the 11 months to 31 March 2012 of £5.7
million. On its integration into Capita the business will realise significant
synergy benefits and is expected to return to operating profit in 2013.
Capita Group joint chief operating officer, Andy Parker, said: "The acquisition
of RSTM will provide further scale and depth to the range of solutions we offer
the health and emergency services, criminal justice system and wider public and
private sector clients. It complements previous acquisitions, including SunGard
Public Sector, Beat Systems and CedarHR. It also has significant synergies with
our wide-ranging health and wellbeing business, which provides medical
assessments in the private and public sector, including those for the new
personal independence payments (PIP). We already work in some capacity with all
police forces in England and Scotland, extensively with NHS trusts and, through
our health and wellbeing business, with a number of large public and private
sector organisations. These additional capabilities will allow us to provide
new solutions, on a tailored basis, alongside our multi service offering."
RSTM has approximately 2,000 employees, primarily in Bristol, Heston and at
client sites.
-ends-
For further information:
Capita plc
Tel: 020 7654 2306
Shona Nichols, Corporate Communications Director
Media enquiries
Capita press office
Caroline Mooney
Tel: 0207 654 2152 or 020 7654 2399 (out of hours)
Note to editors
Capita plc is the UK's leading provider of BPO and integrated professional
support service solutions. With 46,500 people at more than 350 sites, including
68 business centres across Europe and India, the Group uses its expertise,
infrastructure and scale benefits to transform its clients' services, driving
down costs and adding value. Capita is quoted on the London Stock Exchange
(CPI.L), and is a constituent of the FTSE 100 with 2011 turnover of £2.9
billion and profit before tax of £385 million. Further information on Capita
plc can be found at: http://www.capita.co.uk
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