AIM-listed recruiter Multi Group has acquired 1st 4 Locums, the allied health professionals agency that trades as The Locum Partnership, in a £3.6m deal.

In the year to 30 April, TLP made pre-tax profits of £650,000 from a turnover of £7.57m.

Multi paid £2.46m in cash and shares for 90% of TLP, and will pay a further £1.14m if TLP hits performance targets in the next financial year. It also has an option to buy the remaining 10% of TLP.

Multi’s chairman, Oliver Cooke, said: “[TLP] operates in a sector that is predominantly non-cyclical and where demand continues to outstrip supply.

“The business is also attractive because it is cash flow positive and generates above average levels of profitability.”