Staffing agency Adecco takes full ownership of recruitment firm TUJA Group.
Adecco Acquires Tuja Group: Strengthening Presence in German Temporary Staffing Market
In a significant move, the world leader in Human Resources (HR) services, Adecco, has announced the acquisition of 100% of Tuja Group for a total consideration of approximately EUR 800 million. The acquisition, mainly cash financed, is expected to bolster Adecco's position in the German temporary staffing market, one of the fastest growing of its kind in the industry worldwide.
Tuja Group, a prominent player in the German staffing and HR services sector, specializes in temporary staffing and recruitment services, with a network of 630 colleagues and 127 branches throughout Germany, Switzerland, and Austria. The company is one of the leading temporary staffing companies in Germany, with estimated revenues of around EUR 650 million in 2007 and an operating income before amortization (EBITA) of approximately EUR 63 million for the same year.
The transaction translates into an enterprise value / EBITA multiple of 12.8x and is expected to be earnings enhancing in 2007. The acquisition is subject to regulatory approval from the responsible anti-trust authorities.
Adecco, headquartered in Switzerland and managed by a multinational team with expertise in markets spanning the globe, delivers an unparalleled range of flexible staffing solutions and career services. The group's network connects over 700,000 associates with business clients each day, and is supported by a workforce of 35,000 employees and 6,700 offices in over 70 countries and territories.
For more information about the acquisition, Adecco invites analysts and journalists to participate in a web cast at 8.30 a.m. CET and 9.15 a.m. CET respectively. Details for the web cast can be found at Adecco's Investor Relations section at http://webcast.adecco.com.
For media inquiries, please contact the Corporate Press Office at [email protected], Tel. +41 (0) 44 878 8832. For investor relations, please contact [email protected], Tel. +41 (0) 44 878 8925.
While no recent acquisition involving Tuja Group by Adecco or any changes in market dynamics were found in the search results, Tuja Group is commonly known as a staffing and HR services provider primarily active in the German market. No verified data on the background, acquisition, or market impact related to Tuja Group is accessible from the current sources.
