The specialist independent fostering company provides more than 100 local authority foster care placements across Kent and South London.
Mike Parish, chief executive of Care UK, said the move strengthened his company's presence in the children's care market.
He expects to make an initial annual operating profit of around 400,000 from Fostering Support Group's services.
Felicity Collier, chief executive of BAAF Adoption & Fostering, said the independent sector provided an important service for children because many local authorities were unable to recruit and retain foster carers.
"Nevertheless, some of us feel uncomfortable with this level of profit and it's important local authorities have very clear commissioning strategies," she said.
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