ONE OF FRANCE’S biggest head-hunting companies is taking over Ireland’s third-largest recruitment firm.
Sigmar Recruitment announced today that it has formed a ‘strategic partnership’ with Groupe Adéquat.
The deal will result in a staged equity investment spaced over five years that will result in Groupe Adéquat taking a majority stake in Sigmar at the end of the period.
Dublin-based Sigmar is the third-largest recruitment company in Ireland. It had 120 employees in June 2016 when it announced a major recruitment drive that would include it hiring 150 people by the end of this year.
Sigmar said that the agreement will see the Irish company expand even faster as part of the French group.
Groupe Adéquat has about 1,000 employees and reported sales of around €900 million last year.
Sigmar said that its existing management team will remain in place “for the long-term” and will “work with the Groupe Adéquat’s leadership team to execute international expansion”.
Sigmar chief executive Adrian McGennis said that the deal “will allow us to accelerate our plans to internationalize while expanding our service offering for our customers in Ireland”.
In a statement, Groupe Adéquat said that Sigmar provides a gateway for the French business into English-speaking countries.
It said that the combined company now aims to become “one of the top 25 staffing firms in the world” within the next five years.
It said that this would be “both through organic growth continued investment in high potential international brands such as Sigmar”.
Sigmar previously said that it was aiming to have 270 workers by the end of the year as it looked to quickly expand.
The firm had sales of €28 million in the 12 months to the end of 2016, a significant jump on the €23 million reported the year before. Its full-year profit also rose, increasing from €1.3 million to €1.7 million.