Empresaria Group plc (LON:EMR), the international specialist staffing group, has acquired an 82.6% interest in Rishworth Aviation Limited and its sister companies.
Empresaria is paying US$10.0mln, or around £7.5mln, for its majority stake; the rest of the company will be owned by the senior management team at Rishworth, in line with Empresaria’s acquisition policy.
Rishworth Aviation is a profitable and cash generative recruitment group that has its headquarters in New Zealand. It specialises in recruiting pilots and aviation personnel across the globe, and fits directly into Empresaria’s focus on specialist professional roles and further improves its operational mix, the company told investors.
In the year to 31 March 2016, Rishworth made unaudited adjusted earnings before interest and tax of NZ$3.65mln (£1.9mln) on unaudited revenues of NZ$138mln (£73mln). Net fee income clocked in at NZ$8.9mln, or roughly £4.7mln.
Empresaria’s directors expect the acquisition will enhance earnings on an adjusted basis in the current financial year.
Following the acquisition, Empresaria will hold cash balances of around US$9.3mln, or £7.0mln.
"In line with our stated strategy, we are focused on building a business that is diversified from both a sector and geographic perspective, has leading brands with sector expertise and improves our operational mix and temporary/contract bias,” said Joost Kreulen, chief executive officer of Empresaria.
“The investment in Rishworth directly fits this strategy, complements the group's current operations and is expected to be earnings enhancing in 2016," he added.