Business
Acquisition of Rishworth
Acquisition of Rishworth.
About this update from Empresaria Group Plc
[{"type":"text","content":"\n \nRNS Number : 2561D Empresaria Group PLC 05 July 2016 \n\n5 July 2016 \nEmpresaria Group plc (\"Empresaria\")\nAcquisition of Rishworth \nEmpresaria (AIM: EMR), the international specialist staffing group, is pleased to announce the acquisition of an 82.6% interest in Rishworth Aviation Limited and its sister companies (together, \"Rishworth\").\nAcquisition highlights:\n· Empresaria has agreed to purchase 82.6% of Rishworth for a total cash consideration of US$10.0 million (£7.5 million). The remaining 17.4% interest is held by the senior management team, in line with Empresaria's management equity philosophy.\n· Rishworth is a specialist recruitment group headquartered in New Zealand, providing pilots and aviation personnel to clients across the globe, with a significant presence in Europe, Africa and Asia. It is a 100% contract recruitment business, with pilot contracts typically lasting between 3 and 5 years.\n· Rishworth is profitable and cash generative. During the financial year ended 31 March 2016 Rishworth achieved unaudited revenues of NZD$138 million (£73 million), unaudited net fee income of NZD$8.9 million (£4.7 million) and unaudited adjusted EBIT* of NZD$3.65 million (£1.9 million).\n· The board of directors of Empresaria believe the acquisition will be earnings enhancing on an adjusted basis in the 2016 financial year.\n* The unaudited EBIT of Rishworth for the year ended 31 March 2016 was NZD$3.0m (£1.6 million), with the adjusted EBIT adding back Europe agency fees, which will not be payable under Empresaria ownership.\nRishworth overview\nHeadquartered in Auckland, New Zealand, with a regional office in Stockholm, Sweden, Rishworth is a leading independent staffing company supplying pilots and aviation personnel to the aviation industry, including Norwegian Long Haul, Korean Air and Vietnam Airlines. Rishworth provides staffing services to clients across the globe, with a significant presence across Asia, Europe and Africa. \n \nThe acquisition complements Empresaria's stated growth strategy of developing leading brands in their sectors and further diversifying Empresaria's business geographically. Rishworth is a contract recruitment business...