Australasian recruitment and HR services provider Chandler Macleod (CGM: ASX) has acquired a majority stake in New Zealand-based HR and change management agency, Grafton Consulting, reports voxy.co.au.

Chandler Macleod’s other interest in New Zealand is OCG Consulting, a recruitment specialist. The company claims that the 73.7% stake in Grafton aligns one of New Zealand’s leading recruitment businesses (OCG) with one of the country’s principal HR consultancies. Financial details of the acquisition were not released.

Chandler Macleod acting Chief Executive Officer, Owen Wilson said the investment is a win-win, adding to Chandler Macleod’s capabilities across Australasia and Grafton’s suite of services and tools in New Zealand. "The investment is a sign of confidence in the New Zealand market, as well as Grafton Consulting’s strong position and reputation in the marketplace.”

He continued: "Grafton provides a wide range of business and human resource consulting services to corporate, government and SME clients throughout New Zealand, including strategy development, organisational development, change management, career transition and HR consulting services. This suite of services is highly complementary to OCG’s own specialist recruitment services."

Mr Wilson confirmed that Grafton will remain a standalone business, with both companies working closely together to service existing and new clients. It will also continue to be led by Ken Brophy, who has extensive experience internationally and locally.

Mr Brophy said: "The investment gives Grafton access to new technologies and methodologies and a wider multinational network that will enhance our offering to clients, as well as bringing capability development opportunities for our team. In addition, Chandler Macleod’s consulting business is interested in us building capability within their team in relation to our IP - a big positive for both sides of the Tasman."

Both OCG Consulting and Grafton Consulting have offices in Auckland and Wellington. Chandler Macleod Group is one of Australasia’s largest recruitment firms. This acquisition comes on the heels of disappointing full year financial results that saw company revenue fall -3% from last year. 

In trading today, the company’s share price fell -3.2% to AUD 0.46 (USD 0.43), an increase of +10.9% compared with a year ago. Based on its current share price, the company has a market value of AUD 216 million (USD 201.9 million).