Empresaria Group PLC Investment in Peru based Grupo Solimano (8089U)
July 17 2018 - 1:00AM
UK Regulatory
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 empresaria@almapr.com
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
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END
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