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Having received all necessary regulatory approvals, Adecco SA (ADEN:VTX), the global leader in Human Resource services, has successfully completed the acquisition of US-based Drake Beam Morin, Inc.
Combining Adecco's Lee Hecht Harrison business with Drake Beam Morin considerably expands Lee Hecht Harrison's existing geographic footprint, enhancing services for its clients internationally.
Drake Beam Morin claims to be the world's third-largest provider of career transition and talent development services. In 2010, Drake Beam Morin generated revenues of 84 million Euro and achieved an average EBITA margin of 28% between 2007 and 2010.
Adecco acquired Drake Beam Morin for an enterprise value of 149 million Euro and expects the acquisition to be immediately EPS accretive in year one and EVA-enhancing after the first year post the close of the transaction.
Synergies are expected to amount to approximately 10 million Euro, and are expected to be fully realised within two years, with the majority achieved in the first year. Integration costs are expected to amount to approximately one-time annual synergies. The transaction was financed with Adecco's existing financing resources.