International recruitment and labour hire specialists, Humanis Group Limited (HUM) is pleased to announce that it has entered into a conditional agreement to acquire two Australian recruitment agencies. The Agencies provide recruitment services and HR solutions for a wide range of office and business support roles for permanent, contract and temporary staff in the administrative, secretarial and industrial areas both nationally and globally. The projected Sales Revenue of the Agencies for the 2011/12 financial year is expected to be in excess of $150m with an EBIT of over $4.5m. The transaction is structured around a purchase price formula of 4.21 x EBIT, consisting of an equity and cash consideration on settlement, which is expected in early September 2011. The total consideration will be determined upon completion of the audited 30 June 2011 financial statements of the Agencies.
Recently appointed Managing Director Rabieh Krayem commented “The Board is excited by the opportunity that this transaction presents to Humanis and its shareholders. The market segments and geographical locations of the Agencies’ businesses complement Humanis’ existing service offering and are expected to deliver significant earnings growth in future years.”
Humanis Group Limited (HUM) is a specialist labour hire, professional placement and international recruitment firm with annual revenues expected to reach $270 million. Humanis Group is in a position to expand their existing offshore recruitment business and consolidate its presence in industry sectors with chronic skills shortages. Humanis Group will continue to develop its national footprint and broaden its geographical reach throughout Australia. The Professional Services and Labour Hire Division, brings an experienced management and technical team possessing the requisite industry knowledge and contacts.
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