Acquisition

15 May 2007 07:05

Empresaria Group PLC15 May 2007 Dutch acquisition moves Empresaria into sixteenth country May 15, 2007: The AIM-quoted staffing and recruitment group Empresaria hascontinued its international expansion by taking a majority stake in the Dutchspecialist staffing group EAR Holding BV. The deal moves Empresaria into Holland for the first time and takes to 16 thenumber of countries in which the group is now present, across Europe, Asia,Australia and North America. To acquire a 60% stake in EAR, Empresaria has agreed to pay €500,000 to existingshareholders plus €200,000 in working capital through the issue of new EARshares. The €500,000 paid to existing shareholders includes approximately€100,000 in new Empresaria shares. In line with previous Empresaria acquisitions, the 40% balance of the sharesremains held by the EAR management team. Empresaria Chief Executive Miles Hunt said: "This investment in EAR gives us akey stake in a growing specialist staffing company operating in a number ofmarket segments. The Dutch staffing market that has been seeing recovery inrecent years and the acquisition reflects the Empresaria strategy of creating aninternational staffing group balanced both by geography and sector." EAR provides specialist staffing services, mainly in temporary recruitment,under a range of established brand names that include E & A TechnischeUitzenddiensten, De Uitzendschilder, and De Uitzendkappe, focusing particularlyon construction trades such as electricians, plumbers and painters. Empresaria last month announced an adjusted pre-tax profit increase of 30% to£2.89 million on sales up 40% to £75.5 million for the year to December 2006. Itsaid it is now positioned to continue growing its operations rapidly across theglobe. In March, the group was named International Business of the Year in the 2007Fast Growth Business Awards. For further information contact: Miles Hunt, Chief Executive, Empresaria Group plc: 01293 649 903 Nick Hall-Palmer, Group Finance Director, Empresaria Group plc: 01293 649 906 Allan Piper, First City Financial Public Relations: 020 7242 2666 James Wellesley Wesley, Bridgewell Limited: 020 7003 3000 This information is provided by RNS The company news service from the London Stock Exchange