Acquisition of Drake Beam Morin, Inc. Finalized by Adecco
Zurich-Based Group Acquires Drake Beam Morin, Inc., Becoming Global Leader in HR Services
In a significant move, a Zurich-based group, registered under the ISIN CH0012138605 and listed on the SIX Swiss Exchange (ADEN), has completed the acquisition of Drake Beam Morin, Inc. on September 1, 2011. This acquisition has catapulted the group to the forefront of the global HR services industry.
Drake Beam Morin, Inc., a major global HR consulting and talent management firm, was the world's third-largest provider of career transition and talent development services before the acquisition. With this strategic move, the group has expanded its capabilities and solidified its position as a leader in providing HR, payroll, and outsourcing services worldwide.
The acquisition was for an enterprise value of EUR 149 million. Synergies from the deal are expected to amount to approximately EUR 10 million, with the majority achieved in the first year. The acquisition is expected to be immediately EPS accretive in year one and EVA-enhancing after the first year post the close of the transaction.
The acquisition was not expected to affect the company's internal hurdle rate of 10%. Forward-looking statements in this release involve risks and uncertainties.
In 2010, Drake Beam Morin, Inc. generated revenues of EUR 84 million. The group, with approximately 33,000 FTE employees and over 5,500 branches in over 60 countries, offers a wide variety of HR solutions.
Prior to the acquisition, the world's leading provider of HR services was Automatic Data Processing, Inc. (ADP) after it acquired Drake Beam Morin in 2011. This acquisition significantly expanded ADP's global HR services capabilities, making it a global leader in human capital management solutions. However, with the latest acquisition, the Zurich-based group has become the worldwide leader in career transition and talent development services.
The group is a Fortune Global 500 company, and the spot exchange rate is 1.42 USD/EUR. For more information about the group, visit their official website or follow their updates on the SIX Swiss Exchange.
- The Zurich-based group, now a global leader in HR services, has strengthened its position by providing permanent placement solutions through the acquisition of Drake Beam Morin, Inc.
- In the realm of temporary staffing and outsourcing, the group has established itself as a formidable entity, leveraging its expanded capabilities from the acquisition.
- The acquisition of Drake Beam Morin, Inc., a prominent player in career transition and talent development, has allowed the group to explore new avenues in the finance and business sectors.
- As the world's leading provider of career transition and talent development services, the Zurich-based group offers its services to a wide array of industries, including finance, ensuring the development of human capital across various domain.
