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Adecco Group completed its acquisition of Drake Beam Morin Inc., the third-largest outplacement services company as ranked by Staffing Industry Analysts.
The acquisition, announced in July, expanded the footprint of Lee Hecht Harrison, Adecco’s outplacement business. Lee Hecht Harrison’s main markets were in the U.S. and France; Drake Beam Morin will expand its geographic reach and give it a leading position in the United Kingdom, Canada and Brazil.
Drake Beam Morin ranked third on SIA’s list of the largest outplacement firms in the United States with estimated U.S. revenue of $50 million in 2010.
Adecco acquired Drake Beam Morin for €149 million (US$211.6 million) and expects the acquisition to be immediately accretive. Synergies are expected to amount to approximately €10 million, and are expected to be fully realised within two years, with the majority achieved in the first year. Integration costs are expected to amount to approximately one-time annual synergies.