Adecco completes the acquisition of Drake Beam Morin, Inc.
Adecco Group, the global leader in Human Resource services, has announced the successful completion of its acquisition of Drake Beam Morin, Inc., taking the worldwide lead in career transition and talent development services.
Having received all necessary regulatory approvals, Adecco successfully completed the acquisition of US-based Drake Beam Morin, Inc. Combining Adecco's Lee Hecht Harrison business with Drake Beam Morin, Inc., not only creates the world's leading career transition and talent development services provider, it also considerably expands Lee Hecht Harrison's existing geographic footprint, enhancing services for its clients internationally.
Drake Beam Morin, Inc. is the world's third-largest provider of career transition and talent development services. In 2010, Drake Beam Morin, Inc. generated revenues of EUR 84 million and achieved an average EBITA margin of 28% between 2007 and 2010.
Adecco acquired Drake Beam Morin, Inc. for an enterprise value of EUR 149 million 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 EUR 10 million, and are expected to be fully realized 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.