ManpowerGroup Expands Capabilities and Acquires 7S Group in Germany
MILWAUKEE , June 12, 2015 /PRNewswire/ -- ManpowerGroup (NYSE: MAN), world leader in innovative workforce solutions, has today announced it will acquire the 7S Group in Germany. With this transaction ManpowerGroup enhances its workforce solutions capabilities in the German market, further broadening its range of solutions in specialist sectors, consulting and outsourcing services. The acquisition, which is expected to close later this year, has a purchase price of €136.5 million plus an earnout opportunity based upon 2015 results from operations.
Based primarily in Germany, the 7S Group is a highly specialized provider of human resource services focusing on a number of core sectors including skilled trades, engineering and IT. Its expertise is a valuable addition to ManpowerGroup, particularly as demand grows for specialized workforce solutions.
"This is an important step for ManpowerGroup in Germany," said Jonas Prising, ManpowerGroup CEO. "It complements our organic growth in key strategic business lines and these additional capabilities will help us deliver our clients an even more robust set of offerings across specialist industries and skills verticals. We're excited about expanding our portfolio and footprint in this important market."
Herwarth Brune, Regional Managing Director, ManpowerGroup Germany, added: "With this acquisition, we achieve a leading positon in the market, strengthening our capabilities and spanning more sectors including aviation, engineering and manufacturing. Our shared entrepreneurial and client-centered approach means our corporate values are closely aligned and we'll be fast to integrate."
7S Group CEO Dr. Christian Speidel commented: "As part of ManpowerGroup's global network, we will be able to better fulfill the needs of our clients. We will be swift to leverage our joint capabilities through our passion for innovation."
ManpowerGroup companies Manpower, Experis, ManpowerGroup Solutions and Right Management operate in 160 locations across Germany.
ManpowerGroup® (NYSE: MAN) is the world's workforce expert, creating innovative workforce solutions for more than 65 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands – Manpower®, Experis®, Right Management ® and ManpowerGroup® Solutions – we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2015, ManpowerGroup was named one of the World's Most Ethical Companies for the fifth consecutive year and one of Fortune's Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com
About the 7S Group:
The 7S Group is one of the ten leading human resource consulting firms in Germany. Headquartered in Jena, the company boasts a particularly high degree of specialization. Its core skill sectors include the fields of Aviation, Engineering, Healthcare, Hospitality, IT, Industry & Technology and Office. The company is mainly active in Germany with revenue of approximately $350 million, employing more than 8,000 people in over 200 branches, production facilities, technical offices and customer centers. Further information is available at www.7s.com.
Forward Looking Statements
This press release contains forward-looking statements related to ManpowerGroup, 7S Group, and the potential benefits of the acquisition, including statements regarding timing of closing and results of the proposed transaction. Actual events or results may differ materially from those contained in the forward-looking statements due to risks, uncertainties and assumptions. These risks and uncertainties include, but are not limited to, risks associated with: ManpowerGroup's ability to successfully integrate 7S Group; execution of plans and strategies; the inability to successfully complete the transaction; the 7S Group's results from operations for 2015, and other important factors that could cause results of the acquisition and related transactions to differ materially from the forward-looking statements detailed in ManpowerGroup's public filings with the SEC, including its most recent Annual Report on Form 10-K. ManpowerGroup disclaims any obligation to update any forward-looking or other statements in this release, except as required by law.