New World Oil And Gas Regulatory News (NEW)

21 Mar 2006 17:53

Newcourt Group plc21 March 2006 PRESS RELEASE Newcourt Group plc SIGMAR ACQUIRES THE PEOPLE GROUP FOR AN INITIAL €2.685 MILLION SECOND RECRUITMENT MARKET ACQUISITION THIS YEAR Newcourt Group plc (Newcourt) announces that it's subsidiary Sigmar GroupLimited (Sigmar) has acquired The People Group Limited (The People Group) for aninitial consideration of €2.685 million. Based in Dublin, The People Group is aleader in the area of marketing and sales executive recruitment and counts anumber of leading national and international companies amongst its clients. This is Sigmar's second acquisition since the beginning of 2006 and highlightsits commitment to the strongly growing Irish recruitment market. Sigmar providesa broad range of recruitment services through a national network of offices andhas achieved strong organic growth since its foundation four years ago. ThePeople Group acquisition will increase its team of recruitment consultants toover 80. In the year ended 31st December 2005, The People Group had turnover of €1.6million and profit before tax of €451,000. Net assets at 31st December, 2005were €402,000. The acquisition will be funded through Newcourt's existingresources and is expected to be earnings enhancing. Additional amounts ofconsideration may become payable subject to the performance of The People Group.The maximum additional consideration payable should certain profit targets beachieved is capped at €5 million. The People Group's existing management will continue to oversee the furthergrowth and development of the business. Commenting on the announcement, the Joint Managing Directors of People Group,Tom Burgess and David Allan, said today: "Sigmar and The People Group share asimilar ethos and approach to business and we are delighted to be joining such adynamically growing organisation. The additional resources that will beavailable to us arising from the merger will enable The People Group to continuegrowing its business while ensuring that clients continue to receive premiumlevel service." Commenting on the announcement today, John Barry, Managing Director of Sigmarand an Executive Director of Newcourt said: "We will be working closely withthe management of The People Group to continue the successful development of itsbusiness. In addition, we expect to achieve shared synergies and benefits froma common platform of operation in the high growth recruitment sector. This is along established and well respected business that specialises in the importantSales and Marketing sector of the permanent recruitment market and it willcomplement the other businesses in Sigmar Group. These include SigmarRecruitment Consultants, Dal Riada Executive Search & Selection, Sigmar Aviationand the recently acquired Kenny-Whelan & Associates." Ted O'Neill, Newcourt Group Chief Executive said: "The recruitment sectorcontinues to grow strongly as the Irish economy outperforms its Europeancounterparts. Sigmar provides a broad range of recruitment services nationallyand is a strong player in niche areas such as technical and engineering,aviation and health care. The addition of The People Group will strengthen theservice offered in the marketing and sales area. With two acquisitions in therecruitment sector to date this year Newcourt is continuing to play a leadingrole in the consolidation of the recruitment consultancy market in Ireland." Ends: Tuesday, 21st March 2006 For further information please contact: Ted O'Neill Tel :353 86 821 4467Group Chief Executive John BarryManaging Director, Sigmar Group Limited Tel:353 87 839 1915 Joe Murray, Murray Consultants Tel:353 1 498 0300 Tel:353 86 253 4950 This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange