Openjobmetis SpA (OJM:MIL) announced that it signed a preliminary contract to acquire 100% of the share capital of Just on Business SpA, as well as 100% of the share capital of the subsidiary Deine Group Srl.

The agreed consideration is €29.7 million to be paid in cash. A three-year non-compete agreement is expected to be signed with the founding partners, worth a total of €2.2 million.

Just On Business SpA, founded in 1998 by the Molinari and Rombelli families, is an employment agency operating in Italy, specialising in the health and mechanical engineering sectors. The company wholly owns Deine Group Srl, a company founded in 2014 by Alberto Cetti that offers services which complement the development of contract work.

In 2022, Just On Business recorded revenue of approximately €97.1 million and EBITDA of approximately €2.5 million; in 2022, the subsidiary Deine Group posted revenue of approximately €3.3 million and EBITDA of approximately €0.5 million.

Openjobmetis said the transaction represents an opportunity to further consolidate the group’s positioning in the contract work segment.

The transaction is subject only to receipt of the authorisation from the National Competition Authority; the closing is expected to take place by January 2024. The transaction is financed by making use of the bank credit lines already available. The transaction provides for guarantees in relation to which specific indemnity obligations have been agreed, guaranteed by escrow agreements.

Openjobmetis Group, Marco Vittorelli, said, "The acquisition of Just On

Business is a confirmation of our growth strategy that has enabled us to rank among the top players in the Italian market up until today. Once again we have demonstrated our commitment and willingness, also through extraordinary transactions, to create value for the shareholders who in recent years have showed their confidence in investing in Openjobmetis. As in the past, the transaction represents a new, but not last, important milestone and a new starting point of the path that, together with those who have always believed in us, we continue to tread with the enthusiasm that has always been our hallmark”.

Managing director of the Openjobmetis Group Rosario Rasizza, said, “After the completion of all the synergies deriving from the previous acquisition of 'Quanta', we were ready to take on a new challenge. Therefore, we are proud to announce the investment in Just On Business.”

“Just On Business has expanded its presence throughout Italy and is specialised in the mechanical engineering and healthcare sectors,” Rasizza said. “Just On Business has an extremely solid business model, also thanks to the creation of a business training Academy, inaugurated in Ravenna on 21 March this year, a real innovation in the Employment Agency sector. Due to its specialised structure, the company will maintain its corporate identity, confirming the continuity of the guidance of the Sales Department Alberto Cetti, in synergy with the Openjobmetis Group. At a time when we are witnessing a significant mismatch between labour supply and demand, especially in the two specialist sectors of Just on Business, this transaction allows us to expand the number of highly qualified professionals so we can quickly respond to staff requests from our business customers.”