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Empresaria Group invests in Peru outsourcing group

"This investment is an important part of our strategy to maintain our global diversification, develop our presence in the high-potential Latin American market"
peru on the map
Empresaria is paying £2.1mln for the controlling stake

Empresaria Group plc (LON:EMR) told investors it has made an investment in Peru with a deal to acquire a 60% stake in Grupo Solimano, an outsourcing and temporary staffing business.

It is paying £2.1mln for the controlling stake, comprising £1.35mln of initial cash and subsequent deferred payment.

READ: Empresaria Group delivers another year of record profits

The transaction to acquire Grupo Solimano, which generated £14.9mln, will be funded via operating cash flows. The company said that it is expected to be neutral to earnings in the current financial year and earnings enhancing in the next.

"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,” said Spencer Wreford, Empresaria chief executive.

“We are delighted that Grupo Solimano has joined the Group and we look forward to working with them to develop their business within Empresaria."

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