Key points
- Randstad to acquire Obiettivo Lavoro in Italy for an Enterprise Value of € 102.5 million
- Obiettivo Lavoro realized revenue of approximately € 436 million and EBITDA of € 20.1 million in 2015
- Randstad to become #2 player in Italy (currently #4), further strengthening the density of its network
- the transaction offers a significant opportunity for value creation and will be immediately accretive to Randstad’s earnings per share
Today, Randstad Holding nv announces that it signed an agreement to acquire the entire share capital of Obiettivo Lavoro. Both businesses have a comparable offering, which creates a unique strategic opportunity, significantly strengthening the market position in Italy. Obiettivo Lavoro has more than 600 corporate employees and a little over 100 branches in Italy.
We are happy to further strengthen our position in the Italian market. This acquisition is part of our strategy to aim for top 3 positions in each of the markets in which we operate. The services portfolios of Randstad and Obiettivo Lavoro are quite complementary, with Obiettivo Lavoro providing strong positions in the public sector and logistics segments of the Italian market. We will work towards a smooth transition process, building upon the solid track record of our Italian colleagues in previous integrations.
Randstad will benefit from significant cross-selling opportunities, such as the introduction of Inhouse Services and sharing of best practices and processes. Our focus will be on capturing profitable growth, client profitability, and optimizing delivery models. Combined with further efficiency improvements and office optimizations, it is expected that these activities will soon start contributing to Randstad’s strategic targets.
The transaction is subject to approval of the European Commission and certain internal reorganizations of Obiettivo Lavoro. The transaction has been approved by the boards of both companies. Randstad expects to close the transaction mid-2016. Randstad will finance the transaction by using its existing credit facilities.
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For background information on Randstad in Italy, please review the Italian market presentation on our website, taken from the Southern European Insight Day in May 2015.
about randstad
Randstad is a global talent leader with the vision to be the world’s most equitable and specialized talent company. As a partner for talent and through our four specializations - Operational, Professional, Digital and Enterprise - we provide clients with the high-quality, diverse and agile workforces that they need to succeed in a talent scarce world. We help people secure meaningful roles, develop relevant skills and find purpose and belonging in their workplace. Through the value we create, we are committed to a better and more sustainable future for all. Headquartered in the Netherlands, Randstad operates in 39 markets and has approximately 40,000 employees. In 2023, we supported 2 million talent to find work and generated a revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam. For more information, see www.randstad.com.
for more information
Elise Martin-Davies
+31 (0)6 1322 5136
press@randstad.com