Randstad to acquire Italian recruiter Obiettivo Lavoro
Randstad Holding nv is to acquire Italian multi-sector recruitment company, Obiettivo Lavoro, for €102.5m.
The deal is set to see Randstad become the second biggest recruiter in Italy with Obiettivo Lavoro having a strong foothold in the public sector and logistics markets within the country.
Obiettivo Lavoro had revenue of approximately €436m and EBITDA of €20.1m in 2015.
The company has more than 600 corporate employees and a little over 100 branches in Italy.
Randstad Holding has signed an agreement to acquire the entire share capital of Obiettivo Lavoro.
The transaction will be immediately accretive to Randstad’s earnings per share.
Randstad chief executive, Jacques van den Broek, said, “We are happy to further strengthen our position in the Italian market. This acquisition is part of our strategy to aim for top 3 positions in each of the markets in which we operate.
“The services portfolios of Randstad and Obiettivo Lavoro are quite complementary, with Obiettivo Lavoro providing strong positions in the public sector and logistics segments of the Italian market.
“We will work towards a smooth transition process, building upon the solid track record of our Italian colleagues in previous integrations.”
Randstad says it will benefit from significant cross-selling opportunities, such as the introduction of Inhouse Services and sharing of best practices and processes.
Its focus will be on capturing profitable growth, client profitability, and optimizing delivery models.
Combined with further efficiency improvements and office optimizations, it is expected that these activities will soon start contributing to Randstad’s strategic targets.
The transaction is subject to approval of the European Commission and certain internal reorganizations of Obiettivo Lavoro.
The transaction has been approved by the boards of both companies and Randstad expects to close the transaction mid-2016.
Randstad will finance the transaction by using its existing credit facilities.