- Recruitment specialist PeopleIn (PPE) enters an agreement to acquire 100 per cent of Perigon Group
- Headquartered in Sydney, Perigon is a leading Australian recruitment business that offers contracting and permanent recrutiment services
- This acquisition will provide PeopleIn with exposure to the accounting and finance recruitment sector
- Consideration for the acquisition is an upfront cash payment of $16 million and a deferred cash consideration may be payable based on Perigons EBITDA in 2022, 2023 or 2024
- PeopleIn ends the day 1.74 per cent in the green with shares trading at $4.10
Recruitment specialist PeopleIn (PPE) has entered an agreement to acquire 100 per cent of Perigon Group.
Headquartered in Sydney and with offices in Melbourne and Brisbane, Perigon is a leading Australian recruitment business that offers contracting and permanent recruitment services.
This acquisition will provide PeopleIn with exposure to the accounting and finance recruitment sector.
Consideration for the acquisition is an upfront cash payment of $16 million and a deferred cash consideration may be payable based on Perigons earnings before interest, tax, depreciation and amortisation (EBITDA) in 2022, 2023 or 2024.
Based on Perigon’s current earnings projections, it is believed a further $10.8 million may be payable.
Perigon is expected to record EBITDA of $1.5 million in FY22 and $4.3 million in FY23.
Additionally, Founder Nigel Barcham will join the PeopleIn executive committee as well as continuing his role as Managing Director of Perigon.
“Acquiring Perigon Group is key in executing on PeopleIn’s growth plan, with high anticipated growth expected in finance, and accounting recruitment services over the next five years,” PeopleIn CEO Ross Thompson said.
“The PeopleIn team was particularly attracted to both a strong cultural fit and a strong leadership team founded on collaboration — which we both see as critical to our continued growth together.
“PeopleIn is excited about the opportunity to sell accounting and finance recruitment services to its existing client base spanning, health, IT and industrial and specialist services. It is also excited about the ability to apply some of its key strategic initiatives such as sourcing staff internationally to the Perigon business.”
PeopleIn has ended the day 1.74 per cent in the green with shares trading at $4.10 for a $384.4 million market cap.