LONDON (Alliance News) - Recruiter Empresaria Group PLC on Tuesday said it has agreed a USD10.0 million deal to acquire an 82.6% stake in Rishworth Aviation Ltd and its sister companies.
Rishworth is a specialist staffing company supplying pilots and aviation personnel to the air industry. It is based in Auckland in New Zealand and has a regional office in Stockholm, Sweden.
Rishworth made NZD138.0 million in revenue in the year to the end of March, with its net fee income at NZD8.9 million.
Empresaria said the acquisition will complement its strategy of developing leading staffing brands within specific sectors. The remaining 17.4% of the business will be owned by Rishworth's management.
"In line with our stated strategy, we are focused on building a business that is diversified from both a sector and geographic perspective, has leading brands with sector expertise and improves our operational mix and temporary/contract bias. The investment in Rishworth directly fits this strategy, complements the group's current operations and is expected to be earnings enhancing in 2016," said Empresaria Chief Executive Joost Kreulen.
Shares in Empresaria were down 7.8% to 71.00 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Empresaria Group (EMR)