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Adecco Buying VSN of Japan

03 January 2012

Adecco SA, the world’s largest staffing firm, is acquiring Tokyo-based professional staffing firm VSN Inc. The transaction is expected to close in the first quarter of 2012. The deal gives VSN Inc. an enterprise value of €90 million (US$116.4 million).

VSN posted revenue of €157 million (US$203.1 million) in 2010. The company is focused on the engineering segment with branches in eight major cities. It has 200 full-time employees and approximately 2,200 associated on assignment at clients.

Adecco reported the enterprise value of €90 million represents an EBITA multiple of 6.5 based on VSN’s current fiscal year which ends March 2012.

Adecco also reported it is currently the fourth-largest player in the Japanese staffing market. And Adecco announced its acquisition of VSN will double its exposure to professional staffing in Japan, which presently represents 9 percent of Adecco’s total revenue in that country.

“We are delighted that VSN Inc. has agreed to join the Adecco Group,” said Adecco CEO Patrick De Maeseneire. “This is a rare opportunity for us to expand our Japanese professional staffing business in the world’s second-largest staffing market, and it is an excellent fit with our global strategic priorities.”

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