CROSS BORDER M&A - CASE STUDIES
SYNERGIE
Background
Synergie SA is a leading temporary placement companies in Europe with sales of €1.4 billion. It has operations in France, Italy, Spain, Belgium, Holland, Czech Republic, the UK, Switzerland and Canada. The company is quoted on Euronext.
After managing the acquisition of Acorn Recruitment in Wales to provide Synergie with a platrform for expansion in the UK, Frenger was involved in advising Synergie on the acquisition of Advance Personnel Ltd in the Midlands. Soon after the completion of that transaction, Acorn was offered the opportunity to acquire a very succesful temporary placement company in the South West, Concept Staffing Ltd.
Frenger's role
The target, Concept Staffing, is a full service provider of human resources management solutions in Southwest England with a network of 14 branches and revenue of circa £20 million.
Since the locations of Concept’s branches were totally complementary to the existing network of Acorn and Advance, this transaction made a lot of sense. The negotiations and due diligence went very smoothly and the transaction was completed in record time (less than three months).
Conclusion
The acquisition of Concept has enabled Acorn Recruitment to achieve sales of close to £80 million! Acorn is now well under way to achieve Synergie’s objective of having a national coverage of the UK temporary placement market.
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