Empresaria Group PLC Investment in Peru based Grupo Solimano (8089U)

TIDMEMR

RNS Number : 8089U

Empresaria Group PLC

17 July 2018

17 July 2018

Empresaria Group plc ("Empresaria" or the "Group")

Investment in Peru based Grupo Solimano

Empresaria, the international specialist staffing group, is pleased to announce the acquisition of a 60% interest in Grupo Solimano, an established provider of outsourced and temporary staffing services in Peru. This strategic investment strengthens the Group's presence in the Latin American market, alongside existing operations in Chile and Mexico.

The total consideration is expected to be approximately GBP2.1 million, comprising an initial cash payment of GBP1.35 million, a deferred payment of approximately GBP0.55 million due to be paid by September 2018 and a contingent amount of GBP0.2 million dependent on the final results for the year ended 31 December 2018. In the year ended 31 December 2017, Grupo Solimano generated revenue of GBP14.9 million.

The investment is funded by the operating cash flows of the Group and is expected to be neutral from an earnings perspective in the current financial year ending 31 December 2018 and earnings enhancing in the next financial year. In line with the Group's management equity business model, the Managing Director of Grupo Solimano, Rocco Solimano, retains a 40% interest in the business and will continue to manage the business going forward. Rocco Solimano is highly respected in the industry and is the current Chairman of the board of the Peruvian Association of Good Employers and Director of the Association of Outsourcing and Temporary Employment Companies.

Spencer Wreford, CEO of Empresaria said:

"This investment is an important part of our strategy to maintain our global diversification, develop our presence in the high-potential Latin American market and is in line with our focus on temporary and contract recruitment. We are delighted that Grupo Solimano has joined the Group and we look forward to working with them to develop their business within Empresaria."

Enquiries:

 
Empresaria Group plc                        via Alma PR 
 Spencer Wreford, Chief Executive Officer 
 Tim Anderson, Group Finance Director 
Arden Partners (Nominated Adviser and 
 Broker) 
 John Llewellyn-Lloyd / Steve Douglas 
 / Ciaran Walsh                             020 7614 5900 
Alma PR (Financial PR)                      020 8004 4217 
 Rebecca Sanders-Hewett / Sam Modlin         [e-mail] 
 

Notes for editors:

-- Empresaria Group plc is an international specialist staffing group with 19 brands operating in 21 countries across the globe including the UK, Germany, Japan, India, UAE, Indonesia, Chile, Australia, Thailand, Singapore, Finland, USA, New Zealand, China, Malaysia, Vietnam, the Philippines and Peru.

-- Empresaria offers temporary/contract and permanent staffing solutions as well as Offshore Recruitment Services in seven key sectors: Technical & Industrial, Aviation services, IT & Design, Professional services, Healthcare, Executive search and Retail.

-- Empresaria applies a multi brand, management equity philosophy and business model, with group company management teams holding significant equity in their own business.

-- Empresaria is listed on AIM under ticker EMR. For more information: empresaria.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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July 17, 2018 02:00 ET (06:00 GMT)