Cambian acquires fostering group By the Bridge for £26m

27th Mar 2015 08:50

Specialist behavioural health services provider Cambian Group has completed the acquisition of fostering and residential care company By the Bridge for £36m.Initially, the deal will be funded by debt and Cambian said it had increased its bank facilities to £35m after completing the transaction.However, the London-listed group said it will conduct a £26m placing to help fund the acquisition of the residential care group, which delivered revenue of £25m and adjusted earnings before interest, tax, depreciation and amortisation of £5.2m in 2014.The company did not specify how many shares would be issued but said it would represent approximately 7% of its outstanding share capital.Cambian shares were down 2.32% to 220.75p at 09:12 on Friday.