Network Recruitment Partnership, part of recruitment and business outsourcing provider Network Group Holdings (NGH) has acquired Procurement People Recruitment (PPR), a recruitment business specialising in the interim and permanent placement of procurement professionals.

The deal is for maximum of £80k, comprising £20k in cash and £20k equity, being 94,787 NGH shares issued at 21.1p, payable on completion, and up to £40k of deferred consideration payable in cash based on the gross profits of PPR for the year ended 31 December 2011.

The firm has also injected £119,226 towards the working capital requirements of PPR. The acquisition has been funded from existing cash resources.

PPR will be based at Network House in Birmingham where many of NGH’s other Midlands businesses are located. PPR also has offices in Warwick and London.

NGH chief executive Tim Watts says: “Further to my comments that I made in the announcement on 5 May, this is yet another targeted acquisition, operating in a market that complements the existing NGH operations and has a presence in a sector that NGH has identified as offering exciting opportunities.

“I am delighted to welcome the management and employees of PPR to NGH and using our platform we will be focused on supporting the business to grow.”