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The Admar Group Inc. of Orange said it has acquired one of its principal competitors, SelectCare Management Co. Inc. of Torrance, for $400,000 in cash and 3.5 million shares of Admar stock valued at $3.2 million.

Admar, which reported sales of $7.7 million in the fiscal year ended Jan. 31, and SelectCare, a private company with 1986 sales of $1.5 million, administer “preferred provider” programs to employees of participating companies.

Roger E. Lightholder, vice president of Admar, said the purchase will add 200,000 customers to Admar’s 1.6-million customer base. “SelectCare was one of the few quality, privately owned independent firms left,” Lightholder said.