Specialist engineering and professional services staffing firm Gattaca (GATC:LSE), formerly known as Matchtech Group, acquired a majority stake in Resourcing Solutions Limited, a niche engineering recruitment business that provides specialist contract and permanent candidates to clients operating in the rail, power and built environment sectors.
Gattaca is headquartered in Hampshire county on the southern coast of England and Resourcing Solutions Limited is headquartered in London.
Under the terms of the acquisition, Gattaca's wholly-owned subsidiary, Matchtech Group (Holdings) Limited will initially acquire 70% of Resourcing's issued share capital for £6.9m from founder and CEO Richard Lawrance and Alysoun Stewart, an investor in Resourcing, with the remaining 30% subject to a put and call options exercisable from 12 months post-completion for 5.0x trailing EBITA at that time. The maximum total consideration payable is £15.0 million. All consideration is payable in cash and will be funded from the group's existing resources.
"The acquisition of Resourcing Solutions Limited is a further step forward in the growth strategy for the group," Wilkinson said. "We are excited by the opportunities it creates to significantly broaden our capability in the UK's rail, power and built environment markets where we are seeing continued investment."
"Following our acquisition of Networkers in April 2015 we have identified rail-related opportunities in many of our international locations," Wilkinson said. "The addition of Resourcing's capabilities, knowledge and experience in the sector will enable us to secure more of these opportunities."
"As a long-term admirer of Gattaca's business, when we were seeking a strategic partner to help accelerate the growth of Resourcing, Gattaca was our preferred choice," said Resourcing Chief Executive Richard Lawrance. "I am delighted that Resourcing is now part of Gattaca and see great opportunities for all our staff to conduct more business with the backing and support of a larger group. I look forward to working with them to develop the business further."
