ManpowerGroup (NYSE: MAN) is acquiring 7S Group, one of the largest staffing firms in Germany, for €136.5 million (US$153.9 million) plus an earnout possibility based upon 2015 results. The deal is expected to close later this year and key management is expected to remain with the firm.

7S ranked as the seventh-largest staffing firm in Germany based on research from last year. The company focuses on core sectors including skilled trades, engineering and IT.

“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, CEO of ManpowerGroup Germany, added: “With this acquisition, we achieve a leading position 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 said: “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.”