Accordant (AGC:NZC), the New Zealand-based temporary staffing provider, agreed terms to acquire Auckland-based executive search firm Hobson Leavy.

The acquisition was funded from existing debt facilities and is expected to grow annual EBITDA in excess of NZD 2 million (USD 1.3 million). The price of the transaction was not disclosed. The transaction is due to complete on 31 January 2023.

Hobson Leavy is a retained executive search firm that was founded in 2006 by Carrie Hobson and Stephen Leavy. The business has 14 staff across offices in Auckland and Wellington. Hobson Leavy operates exclusively in the ‘C’ suite: Board Directors, CEOs and Executive team members such as COO, CFO, CIO, CTO positions.

Jason Cherrington, Accordant Group Chief Executive, said that growth via acquisition remains a key pillar of Accordant’s strategic plan, adding “Today’s announcement is another significant step forward on that journey.”

Accordant Chair, Simon Bennett said, “We had a well-established national footprint in the blue-collar sector with AWF. Madison brought diversification into the white-collar space, and the collective scale of it compelled the group to consider the role it had in supporting the growth and development of ‘NZ Inc’.”

Hobson Leavy’s identity and operational leadership will remain which is consistent with Accordant’s previous acquisition strategies.  Founders Carrie Hobson and Stephen Leavy will continue to lead the business.

“We now have the backing of a listed company, but what’s more pleasing is that we are part of a group whose entire focus is on solutions for the unique needs of New Zealand’s labour market,” said Hobson.

Accordant (AGC:NZC) reported revenue for the six month period ended 30 September 2022 of NZD 122.9 million (USD 71.3 million), up 11.4% compared to last year.