Impellam sells US industrial brand Corestaff

Global recruitment company Impellam Group is selling the business and assets of Corestaff, its US-based light industrial brand.

US private digital staffing company Swipejobs is acquiring Corestaff for a cash consideration of around £14m ($19m).

In the year ended 1 January 2021, as reported in the group’s Regional Specialist Staffing portfolio, Corestaff generated revenue of £72m and gross profit of £10m, and an operating loss of £0.1m. Net assets at 30 June 2021 were £7.6m, Impellam said in a company statement.

Impellam said it expects the transaction will complete in early February. Following completion of the sale, the company will use the proceeds of sale to pay down net debt to fund additional investment to further accelerate the group’s strategy.

Impellam CEO Julia Robertson said: “We recognise the contribution that Corestaff has made to our group but after a strategic review, and in consideration of the scale and limited geographic footprint of Corestaff in North America, we consider our customers and people will benefit from enhanced geographic reach for their light industrial staffing requirements coupled with an accelerated digital transformation brought about by this transaction.”

Robertson went on to say: “The investment case for Impellam is further enhanced by this transaction enabling us to focus our portfolio and accelerate our investments in Virtuosity, technology and digital, and innovation. These investments have been crucial in developing new ways of working and collaboration during the pandemic, which means that there should never be a reason for a customer to leave Impellam. 

“We enter 2022 well placed and with positive momentum to take advantage of many exciting and profitable growth opportunities across our focused portfolio.”

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