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French recruitment firm Groupe Crit (CEN: FP), through its Peoplelink subsidiary, announced yesterday the acquisition of 2AM Group, a specialist outsourcing service for quality control and engineering of the automotive, aviation, aerospace, and ship building industries.
2AM was founded in 2006 and is headquartered in Spartanburg in South Carolina, with offices in South Carolina, Florida, California, Alabama, and Tennessee. The company has already secured a portfolio of multi-year contracts with major companies and achieved revenue of USD 23 million (€) in 2013.
This marks the seventh acquisition by the French recruiter in North America in the past two years, as part of the company’s ambitious strategy to expand in the growing US market. The most recent acquisition made by Group Crit was MEP Staffing in December 2013.
2AM will be included in the company’s accounts as of 18 February 2014. Financial details of the acquisition were not released. This recent purchase expands Groupe Crit’s office network in North America to 22.
In trading yesterday, the company’s share price increased by +0.1% to €44, an increase of +180% compared with a year ago. Based on its current share price, the company has a market value of €498.2 million.