International specialist staffing group Empresaria Group announced today the acquisition of a 60% interest in Grupo Solimano, a provider of outsourced and temporary staffing services in Peru.

The acquisition aims to strengthens Empresaria’s presence in the Latin American market, alongside existing operations in Chile and Mexico.

The total consideration is expected to be approximately £2.1 million, comprising an initial cash payment of £1.35 million, a deferred payment of approximately £0.55 million due to be paid by September 2018 and a contingent amount of £0.2 million dependent on the final results for the year ended 31 December 2018.

In the year ended 31 December 2017, Grupo Solimano generated revenue of £14.9 million.

"This investment is an important part of our strategy to maintain our global diversification, develop our presence in the high-potential Latin American market and is in line with our focus on temporary and contract recruitment,” Spencer Wreford, CEO of Empresaria said. “We are delighted that Grupo Solimano has joined the Group and we look forward to working with them to develop their business within Empresaria."

The investment is funded by the operating cash flows of the Empresaria Group and is expected to be neutral from an earnings perspective in the current financial year ending 31 December 2018 and earnings enhancing in the next financial year.

In line with the group's management equity business model, the Managing Director of Grupo Solimano, Rocco Solimano, retains a 40% interest in the business and will continue to manage the business going forward. Solimano is the current Chairman of the board of the Peruvian Association of Good Employers and Director of the Association of Outsourcing and Temporary Employment Companies.