Brewin Dolphin complete care deal

Jun 25 2008 by Peter McCusker, The Journal

BREWIN Dolphin Investment Banking which has its national headquarters in Newcastle has completed a £15m acquisition and £30m fund raising for CareTech Holdings.

CareTech spent £15.3m on Valeo, a Yorkshire based provider of a range of speciality services for adults with learning difficulties including residential care and supported living schemes.

Graeme Summers, head of investment banking at Brewin Dolphin, said: “The acquisition of Valeo together with a successful fund raise is another major milestone for CareTech which has delivered significant growth since it floated in 2005.

“It is CareTech’s first foray into the North and it is testament to the strength of the business that the £30m fund raise was so successful in such difficult market conditions.

“I am particularly pleased that we have assisted CareTech in raising equity capital at a minimal discount of only 3% to its share price.”

Brewin Dolphin’s team was led by directors Matt Davis and Andrew Emmott.