Adecco’s £105.3m acquisition of Penna will give the people management consultancy scope to expand its service lines beyond the UK, according to Penna’s current chief executive Gary Browning.
As well as releasing its full-year results, this morning recruitment giant Adecco announced the boards of both companies had reached agreement on a deal that values each Penna share at 365 pence. The cash offer was made through Adecco’s indirect wholly owned subsidiary Olsten (UK) Holdings.
Speaking to Recruiter this morning, Browning said Penna currently only has one office outside the UK, in Spain, but because of Adecco’s global coverage Penna will have the potential to offer its services more globally.
Adecco will provide further details about what the sale of the business will mean for Penna once the deal is completed, Browning added. The deal is expected to complete later this spring.
In terms of personnel changes, Browning says he will leave the business, along with chief financial officer David Firth following a transitional period after the acquisition.
However, Browning adds Adecco was very clear that what they are buying is talented people and a good business. He says he expects the firm will be keen to work with the managing directors of Penna’s respective recruitment services, talent and career services business – Julie Towers, Penny de Valk and Bev White.
As for Penna, it’s business as usual in the intervening period, Browning says. “Everyone if focusing on delivering. We have had a fantastic year. Our share price has trebled in the last year. We are selling this business on phenomenally high ratings.”
Recruiter contacted Adecco for further details on Adecco’s plans for Penna post-acquisition but they did not respond by deadline.
However in a statement announcing the deal, Adecco CEO Alain Dehaze, said Penna represents an “excellent” strategic fit for Adecco in UK HR services, expanding the breadth and depth of services Adecco is able to offer to its clients.
Olsten (UK) Holdings, an indirect wholly-owned subsidiary of Adecco registered in England and Wales, acts as the holding company for an integrated group of businesses that provide HR solutions and services primarily in the UK and Ireland.
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