ManpowerGroup (NYSE: MAN), a global workforce services company, has agreed to acquire Ettain Group for $925 million in cash.
Ettain will become part of Experis, ManpowerGroup’s global IT resourcing and services brand.
Ettain is a privately-held IT resourcing and services provider in North America, with particular strength in financial services, healthcare IT, government and technology clients.
Jonas Prising, ManpowerGroup chairman and CEO, said, “We’re pleased to be announcing the acquisition of Ettain, which accelerates our strategy of diversifying our business mix into higher growth and higher value services, continuing the expansion of our U.S. and global Experis IT resourcing and services business”.
Becky Frankiewicz, ManpowerGroup president North America, added, “As companies amplify their investments in technology, demand for the IT skills that Experis provides is accelerating too. That’s why we look forward to welcoming ettain’s talented team to ManpowerGroup. Their impressive growth, proven leadership and winning culture will enable us to extend our capabilities, providing greater solutions expertise and more skilled talent to our clients as well as wider IT opportunities to our Experis consultants across North America”.
Trent Beekman, Ettain Group CEO, said, “This acquisition creates compelling opportunities for employees and offers superior value for clients. This is a great opportunity for us to leverage our demonstrated expertise and strong reputation with Experis and ManpowerGroup’s global leadership in workforce solutions. The combination of these two great organizations is exciting for our employees and provides many more opportunities to provide value to our clients.”
Under terms of the agreement, ManpowerGroup will acquire all of Ettain’s equity for $925 million to be paid at closing. ManpowerGroup expects to fund this acquisition with existing cash and approximately $150 million from its revolving credit facility which it intends to repay over 12 months.
Sidley Austin LLP is representing ManpowerGroup Inc.