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Ireland – Cpl Resources exits Swedish business after disagreement

12 March 2013

Irish staffing firm Cpl Resources Plc (DQ5:ISE) said on Monday afternoon that it has disposed of its Swedish HR business European Human Resources AB (ERHAB, following a disagreement over the management of the company.

Cpl first announced the acquisition in March last year. It has now returned the business to the vendors.

The firm issued a brief statement regarding the matter: “Following the completion of the 2012 acquisition of ERHAB by CPL, a difference of opinion emerged regarding the ongoing management of ERHAB and the parties agreed to reverse the 2012 transaction, with ownership of ERHAB transferring back to the original vendors.”

Cpl said that this will have no material financial impact on the firm as the bulk of the consideration for the 2012 transaction was to be payable through an earn-out.

ERHAB supplies workers to various industries, including to the construction & civil engineering, mechanical & electrical, as well as the food & meat sectors. As well as Scandinavia, the company is active in various projects in Europe, Middle East and Africa.

The company’s share price remained unchanged on Monday, following the announcement.

Cpl is Ireland’s largest staffing company with revenue growing +13% to €161.7 million in the six months to December 2012.  

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