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French staffing firm Groupe Crit (CEN: FP) has further extended its presence in North America through the acquisition of Texas-based recruitment firm MEP Staffing. The acquisition has been conducted via Groupe Crit’s US subsidiary, Peoplelink.
Headquartered in Carrollton, Texas, MEP Staffing has offices in Austin, Dallas, Houston, San Antonio, and also in Chandler in the state of Arizona.
According to Groupe Crit’s statement, the benefits of the acquisition are:
- Strengthening its position in Texas, which is one of the states with the highest growth rates in the United States.
- Establishing a presence in Arizona
- A new recruitment specialisation in highly qualified electrical trades
- Penetration into new markets in the construction, energy, industrial, and technology sectors
This marks the sixth acquisition by Groupe Crit in the United States in the past two years, as part of the company’s ambitious strategy to expand in the growing US market.
MEP Staffing will be included in Groupe Crit’s accounts as of 9 December 2013 and will remain an independent brand with its existing executive team remaining in place. Financial details of the acquisition were not released.
In trading yesterday, the company’s share price closed up +3.5% at €28.85, an increase of +107% compared with a year ago. Based on its current share price, the company has a market value of €331.8 million.