Lee Hecht Harrison samen met Drake Beam Morin Inc.
23 september 2011 - LHH behoort nu met Adecco's overname van Drake Beam Morin, Inc. en het combineren van hun activiteiten tot de grootste spelers ter wereld.
Adecco completes the acquisition of Drake Beam Morin, Inc.
Adecco Group, the global leader in Human Resources services, announces the successful completion of its acquisition of Drake Beam Morin, Inc., taking the worldwide lead in career transition and talent development services.
After having received all the necessary regulatory approvals, Adecco successfully completed the acquisition of US-based Drake Beam Morin, Inc. Combining Adecco's Lee Hecht Harrison business with Drake Beam Morin, Inc. (DBM), not only creates the world's leading career transtion development services provider, it also considerably expands Lee Hecht Harrison's (LHH) existing geographic footprint, enhancing the service for its clients immediately.
DBM is the world's third largest provider of career transition and talent development services. In 2010, DBM generated revenues of EUR 84 million and achieved an average EBITDA margin of 28% between 2007 and 2010.
Adecco required DBM for an enterprise value of EUR 149 million and expects the acquisition to be immediately EPS accretive in year one and AVA-enhancing after the first year post the close of the transaction. Synergies are expecte to amount to approximately EUR 10 million, and are expected to be fully realized within two years, with the majority achieved in the first year. Integration costs are expected to amount to approximately one-time annual synergies. The transaction was financed with Adecco's existing financing resources.
Adecco Group, the global leader in Human Resources services, announces the successful completion of its acquisition of Drake Beam Morin, Inc., taking the worldwide lead in career transition and talent development services.
After having received all the necessary regulatory approvals, Adecco successfully completed the acquisition of US-based Drake Beam Morin, Inc. Combining Adecco's Lee Hecht Harrison business with Drake Beam Morin, Inc. (DBM), not only creates the world's leading career transtion development services provider, it also considerably expands Lee Hecht Harrison's (LHH) existing geographic footprint, enhancing the service for its clients immediately.
DBM is the world's third largest provider of career transition and talent development services. In 2010, DBM generated revenues of EUR 84 million and achieved an average EBITDA margin of 28% between 2007 and 2010.
Adecco required DBM for an enterprise value of EUR 149 million and expects the acquisition to be immediately EPS accretive in year one and AVA-enhancing after the first year post the close of the transaction. Synergies are expecte to amount to approximately EUR 10 million, and are expected to be fully realized within two years, with the majority achieved in the first year. Integration costs are expected to amount to approximately one-time annual synergies. The transaction was financed with Adecco's existing financing resources.
