(Alliance News) - Specialists recruitment firm Empresaria Group PLC said Thursday it acquired a further stake in IT-focused subsidiary ConSol Partners Holdings Ltd to take its stake to 83% in the firm.
Empresaria paid GBP3.5 million to acquire a further 18% stake in ConSol, funded through its existing bank facilities.
"ConSol has performed strongly since joining the Group in 2016," Empresaria Chief Executive Officer Rhona Diggs said. "Operating in one of our core sectors, we see great potential for this business and as such we have continued to invest in the business post acquisition; launching a sub-brand, 4ward Talent, opening a new office in Austin, Texas and now acquiring an increased stake in the business in line with our long-term policy."
In 2018, ConSol contributed GBP2.3 million to its GBP11.4 million adjusted pretax profit. Empresaria expects the additional stake acquisition to be earnings accretive in 2019.
Shares in Empresaria were 2.1% higher at 70.97 pence in Johannesburg on Thursday.
Empresaria Group (EMR)