Company Announcements

Acquisition of European Homecare, a leading provider of immigration services in Germany

14 December 2023

Serco has agreed to acquire European Homecare (EHC), a specialist provider of immigration services to public sector customers in Germany.  The business is to be acquired from Korte-Stiftung for €40m (£34m).  In the year ended 31 December 2023, revenue for EHC is expected to be around €150m (£130m).  Completion of the acquisition is subject to competition authority clearance.

EHC was one of the first private providers in the German immigration market and has been delivering social services since 1989.  It is now a leading private provider of immigration services in Germany, offering a full range of services including accommodation, medical and social care, training and education.  EHC has an experienced management team, over 2,000 employees, manages over 100 facilities and provides accommodation and support for over 36,000 people seeking asylum.

This strategic acquisition will increase the reach and capability of Serco's international immigration services platform which has substantial operations in the UK, Australia and Europe.

Commenting on the acquisition, Mark Irwin, Serco Group Chief Executive, said: "This strategic acquisition will complement our ORS operations and strengthen our position as a leading partner in immigration services for European governments.  There are complex and growing requirements for immigration and asylum seeker support services globally and we have a strong track record of providing high standards of service underpinned by our commitment to ensuring that service users are treated with care and respect.  Increasing our presence in Germany will expand the immigration support we already provide to government customers in the UK, Australia and across Europe."

Serco - Impact a better future.

Ends.

For further information, please contact:

Paul Checketts, Head of Investor Relations | +44 (0) 7718 195 074 | paul.checketts@serco.com

Marcus De Ville, Head of Media Relations | +44 (0) 7738 898 550 | marcus.deville@serco.com

About Serco

Serco brings together the right people, the right technology and the right partners to create innovative solutions that make a positive impact and address some of the most urgent and complex challenges facing the modern world. 

With a primary focus on serving governments globally, Serco's services are powered by more 50,000 people working across defence, space, migration, justice, healthcare, mobility and customer services.  

Serco's core capabilities include service design and advisory, resourcing, complex programme management, systems integration, case management, engineering, and asset & facilities management.

Underpinned by Serco's unique operating model, Serco drives innovation and supports customers from service discovery through to delivery.

More information can be found at www.serco.com

Forward looking statements

This announcement contains statements which are, or may be deemed to be, "forward looking statements" which are prospective in nature.  All statements other than statements of historical fact are forward looking statements.  Generally, words such as "expect", "anticipate", "may", "could", "should", "will", "aspire", "aim", "plan", "target", "goal", "ambition", "intend" or, in each case, their negative or other variations or comparable terminology identify forward looking statements.  By their nature, these forward looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements.  Factors which may cause future outcomes to differ from those foreseen or implied in forward looking statements include, but are not limited to: general economic conditions and business conditions in Serco's markets; contracts awarded to Serco; customers' acceptance of Serco's products and services; operational problems; the actions of competitors, trading partners, creditors, rating agencies and others; the success or otherwise of partnering; changes in laws and governmental regulations; regulatory or legal actions, including the types of enforcement action pursued and the nature of remedies sought or imposed; the receipt of relevant third party and/or regulatory approvals; exchange rate fluctuations; the development and use of new technology; changes in public expectations and other changes to business conditions; wars and acts of terrorism; cyber-attacks; and pandemics, epidemics or natural disasters.  Many of these factors are beyond Serco's control or influence.  These forward looking statements speak only as of the date of this announcement and have not been audited or otherwise independently verified.  Past performance should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance.  Except as required by any applicable law or regulation (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), Serco expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this announcement to reflect any change in Serco's expectations or any change in events, conditions or circumstances on which any such statement is based after the date of this announcement, or to keep current any other information contained in this announcement.  Accordingly, undue reliance should not be placed on the forward looking statements.

LEI: 549300PT2CIHYN5GWJ21