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Spain – Nortempo seeking acquisitions in Latin America

03 January 2013

The temporary staffing/outsourcing group, Nortempo, is “bouncing” on good results from 2012 and planning to enter the Latin American market in 2013, announced President, Bartolomé Pidal, in an interview to the daily La Voz de Galicia.

The group is expecting to close the year 2012 with €66 million in revenues, compared to €58.7 million in 2011; an increase in turnover of 13%, in line with the double-digit growth recorded by Nortempo in recent years.  "There are equivalent to the 2006 figures," explains Pidal, who nevertheless highlights the strong growth achieved by the company since 2009, always with double digit annual increases.

Claiming to be the fifth largest staffing firm operating in Spain, Nortempo has over 40 offices. Following the acquisition of Rioja Activa in December 2011, the group also strengthened its position in Portugal with the takeover of staffing firms Gerserfor and Proser, and now counts four offices in Portugal (Lisbon, Porto, Sao Joao Maia and Madeira). As a matter of fact Nortempo is faring relatively well in the headwinds of the financial crisis, claiming to be better positioned and with more market coverage having taken advantage of the free space left as other operators have succumbed to the recession.

Despite the intensification of the crisis in 2012, the President of the Galician-based firm sees positive signs for 2013, pointing out that in the first half of 2012 the hiring of temporary workers fell about 10%, then "from July we saw a recovery. As we operate across all sectors of the economy we are able to anticipate the trends, as we did during the crisis. "

The group is planning to strengthen its market position in Portugal in 2013 and make the leap to Latin America. Despite early signs that Nortempo would use the Portuguese venture to access Portuguese speaking countries such as Angola and Brazil, Pidal claims that the company is currently examining markets in countries such as Chile, Mexico and Colombia. In fact, the Colombian market appears as the most feasible option to expand in 2013: "It's where we have more and more interest from Spanish companies," says the president of Nortempo, also pointing out the attractiveness of a relatively liberal legal context. "We are a service company and we have to accompany Spanish companies, which in recent years have become international," says Pidal.

Nortempo is working on the ground with the association representing the Colombian recruitment agencies (Acoset) to identify potential partners or firms to acquire.

With this strategy, in addition to strengthening the domestic market, Nortempo’s goal for 2013 is to maintain the upward trend recovered in 2010 and continue with a growth rate "of at least 10%" in group revenue.

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