Staffing firm Adecco set to acquire Altedia, broadening its human resources consulting and career services portfolio.
In a significant move, Our SA, the world's largest human resources solutions provider, has signed a series of agreements to acquire 50.5% of Altedia from its founding shareholders. This acquisition marks a strategic expansion for Our SA, as Altedia is a major player in HR and Communications consulting with presence in France, Belgium, Spain, Portugal, USA, and Japan.
Founded in 1992 by Raymond Soubie, Philippe Kienast, and Danielle Deruy, Altedia has grown to become a leader in the fields of reorganizations, career transition, human capital, and external communications. With 585 employees and 376 consultants, the company generated revenues of Euro 80.5 million, and operating income of Euro 9.7 million in 2003.
Our SA's acquisition will combine its existing Lee Hecht Harrison career transition subsidiaries in France and Spain with the new entity. The founders of Altedia will assume an intermediate or transitional management role after the takeover by Our SA is completed. Mr. Soubie will become Chairman & CEO of the new entity, while Ekkehard Kuppel has been appointed as the president of Our's HR Consulting and Career Services Division, with worldwide responsibility over all respective units of the group, including the new entity.
Altedia provides strategic and operational assistance for optimization, organization, redeployment, and restructuring linked to mergers, acquisitions, transfers, launches, or cessation of activity. The new entity formed from the acquisition will launch a tender offer for the remaining 49.5% of Altedia shares.
Goldman Sachs acted as sole financial advisor to Our SA, and Societe Generale acted as sole financial advisor to Altedia on this transaction. The acquisition price is EUR 19 per share, and the transaction is expected to be accretive to Our's earnings per share in 2005.
For further information, contact Simon Brocklebank-Fowler, Kate Martens, Susanne Mueller-Zantop, or Laurence Martin. Altedia's email contacts are: [email protected], [email protected], and [email protected].
In 2003, France represented 89% of Altedia's Group's revenues. However, with this acquisition, Our SA aims to leverage Altedia's expertise and expand its operations across Europe and beyond. The acquisition is a testament to Our SA's commitment to providing comprehensive HR solutions to its clients worldwide.
