International staffing firm Empresaria Group (EMR: LSE) yesterday announced that it has conditionally agreed to acquire US-based healthcare staffing group PS. Based in Massachusetts, the company focuses primarily on pharmacy benefit managers. 

PS represents the Group’s first acquisition in the US and will significantly increase Empresaria’s exposure in the healthcare sector. The company is comprised of four businesses; Pharmaceutical Strategies, Recruitment Strategies, Medical Recruitment Strategies, and Recruitment Strategies Group.

All company revenue is generated from temporary sales. In the year to 31 December 2014, PS achieved revenue of USD 7.6 million, net fee income of USD 1.9 million, and EBITDA of USD 0.6 million. The company is reportedly on track to achieve revenue of USD 11 million and net fee income of USD 3 million during 2015. 

Joost Kreulen, CEO of Empresaria, commented: "We are very pleased to be announcing the acquisition of PS, a business that is a strong strategic fit and clearly complementary to our Group. This increases our presence in the healthcare sector with entry to the high growth US market. It also further diversifies the Group's geographic spread and is in line with our temporary recruitment bias. PS operates solely in the professional market, delivers strong operating KPIs, and is expected to be earnings enhancing on an adjusted basis in its first full year."

The acquisition is also expected to boost the Group’s temporary net fee income compared with permanent net fee income.

The acquisition agreement was made in conjunction with a proposed placing to raise approximately £3.3 million before expenses. The placing, which represents approximately 9.1% of Empresaria’s share capital, will be used to part-fund the acquisition.

Empresaria has conditionally agreed to acquire the entire issued and outstanding membership interests in PS for an expected aggregate consideration of approximately USD 12.1 million.

This comprises an initial consideration of approximately USD 7.3 million payable on completion of the acquisition. A deferred consideration will be payables on 1 April 2016 contingent on PS’s performance for 2015. Further earn-out considerations will be payable on 1 April 2017 and 1 April 2018, contingent on the company’s financial performance in 2016 and 2017, respectively.

In trading yesterday, the company’s share price closed at £0.82, an increase of 63.5% compared with a year ago. Based on its current share price, Empresaria has a market value of £36.5 million.