AIM-listed recruitment group Empresaria (LON:EMR) has beefed up its IT staffing capability with the acquisition of a majority stake in ConSol Partners.
Already profitable and with sales of more than £23mln, Consol specialises in mobile, cloud technology and digital and has a large contract supply operation.
Set up London in 2008, the business now has offices in the Benelux region and Germany in Europe and Los Angeles and Boston in the US.
Empresaria will pay £9.4mln in cash for a 65% stake with Consol’s management retaining a 35% interest.
ConSol made a profit of £1.2mln in 2015, on sales of £23.4mln and net fee income of £7.6mln. Some 57% of the fees came from contract services.
Empresaria expects to Consol to enhance earnings on an underlying level in the coming year.
Joost Kreulen Empresaria’s chief executive, said he was delighted to have acquired another leading brand and one that strengthens its presence in the IT sector.
“The ConSol business is geographically diversified, profitable and cash generative, with a good proportion of temporary/contract business and a track record of strong organic growth.
This investment complements Empresaria's current operations and is expected to be earnings enhancing during its first full year with Empresaria.”