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Frenger International is pleased to announce that its client, Proman Group, the international French recruitment services provider, has signed an agreement aimed at acquiring 100% of the shares in both companies Heads Recruitment Limited (HRL) and Heads Engineering Limited (HEL).
Founded in 1983 and based in Manchester (United-Kingdom), companies HRL and HEL provide workforce management and recruitment services in the UK and Overseas. HRL built their reputation on the ability to provide clients operating in the areas of Manufacturing, Warehousing, Logistics and Commercial with a genuine one-stop workforce solution, across the whole Supply Chain. As for HEL, they specialize in supplying engineering and trades people to industry.
Companies generates total revenue of 60 million Pounds Sterling with an EBIT margin above 10%.
The Proman Group’s acquisitions of both HRL and HEL, first ones in the UK, will cement the Group’s status as one of the leading recruitment services provider in France and the UK.
The acquisition of HEADS Recruitment is part of the company’s growth strategy to open 350 offices and achieve revenue of €2 billion, of which €300 million will come from overseas, by 2020.
Roland Gomez, Managing Director of Proman Group, commented: “The longevity and loyalty of the team [at HEADS] is proof of their commitment to the company. HEADS is a group that shares the same principles and values as ours. The complementary skills and know-how of Proman and HEADS will greatly contribute to our expansion.”
Chris Gorton, President of HEADS views the acquisition as a growth opportunity: “The Gomez family shares the same values as us and it weighed a lot in our partner. Moreover, being part of an international group enjoying a dense territorial network will open up significant business opportunities. We look forward to exploiting these levers.”
The Proman Group is the 5th largest recruitment services firm with annual revenues in excess of 1bn Euros, a headcount of over 800 staff across 250 offices and more than 30,000 contract workers in place.
Proman was assisted in this project by Frenger International Ltd, a Mergers & Acquisitions boutique specialized in the initiation and management of cross-border acquisitions for its clients. Based in London since 1983, Frenger International has completed more than 60 operations on behalf of European and North American groups from many sectors.