13th Oct 2015 12:43
LONDON (Alliance News) - Empresaria Group PLC on Tuesday said it is set to acquire US specialist recruitment group PS for an expected USD12.1 million, and plans to raise GBP3.3 million in equity to help fund the deal.
"This increases our presence in the healthcare sector with entry to the high growth US market. It also further diversifies the Group's geographic spread and is in line with our temporary recruitment bias," Chief Executive Joost Kreulen said in a statement.
The GBP3.3 million will be raised by issuing no more than 4.5 million new shares in an accelerated bookbuild run by Arden Partners at no less than 75 pence each, a 12% discount to the prior day's closing price. The remainder will be funded with a new, GBP4.5 million debt facility provider by HSBC Bank PLC, part of HSBC Holdings PLC, and future cash flows.
Shares in Empresaria were down 4.4% at 81.75 pence on Tuesday afternoon.
In a statement, the staffing company said it has agreed the conditional acquisitions of Pharmaceutical Strategies LLC, Recruitment Strategies LLC, Medical Recruitment Strategies LLC and Recruitment Strategies Group LLC, which together form PS.
PS is a healthcare market recruiter with a specific focus on pharmacy benefit managers, with all of its revenue generated from temporary sales.
In 2014 PS recorded earnings before interest, tax, depreciation and amortisation of USD0.6 million on revenue of about USD7.6 million, Empresaria said.
Empresaria expects the deal to boost adjusted earnings in the full full year of ownership, as well as serving to boost its temporary net fee income when compared to permanent net fee income.
By Samuel Agini; [email protected]; @samuelagini
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