Empresaria completes acquisition of PS
Based in Stoneham (Boston), Massachusetts, PS is a leading staffing company in the pharmacy benefit managers ('PBM') sector of the US healthcare market. The Board believes that PS is well positioned to benefit from the growth in the PBM market following the need to manage the cost of healthcare after the adoption of the Affordable Care Act.
With an improved economy, an ageing population and increasing obesity levels, the US Department of Health and Human Services projects growth in healthcare expenditure to average 5.8% per annum between 2014 and 2024, helping drive continued demand for staffing in the healthcare sector into the mid-term.
The acquisition complements Empresaria's stated growth strategy by bolstering its presence in the healthcare sector and further diversifying the Group geographically, with an entry into the US market. PS is a 100% temporary recruitment business focused on professional and specialist roles, so is complementary to the Group's focus of building its temporary recruitment bias and its operational mix.
Alongside the strategic rationale, the acquisition is expected to bolster the Group's KPIs, is profitable and cash generating. Strong demand for temporary staffing in the US healthcare sector underpinned the growth of PS in 2015, with revenue and EBITDA on track to grow to an estimated $11m and $1.3m respectively during the current financial year ending 31st December 2015.
The board of directors of Empresaria believe the acquisition will be earnings enhancing on an adjusted basis* in the first full year of ownership.
As with the wider Empresaria business, the acquisition is aligned with the Group's Management Equity philosophy, with the CEO of PS remaining with the business and tied in with second generation equity incentive.
Chief executive officer, Joost Kreulen, said, "We are focused on building a business that is diversified by sector and geography, has leading brands with sector expertise and retains our operational mix and temporary bias. With this investment we have increased our presence in the healthcare staffing sector. As such, we are very pleased to have completed the acquisition of PS, a natural next step for the Group.
"We have consistently delivered against our stated strategy and are very pleased to have received the support from both existing and new shareholders to facilitate the placing."
The total number of Ordinary Shares in issue is 49,019,132 and the total number of voting rights is 49,019,132. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.