Hays purchases 80% stake in Veredus

4th Dec 2014 07:04

Recruitment company Hays has acquired an 80% stake of US IT staffing firm Veredus for £28m on a cash-free basis.The purchase will be fully funded from existing debt facilities and Hays has the option, which will be available for exercise in March 2018, to acquire the remaining 20% from the selling shareholders, the company said."The acquisition of Veredus provides the ideal platform for us to import our complementary recruiting expertise and relationships from across the Group, driving diversified growth and better serving our many clients for whom the USA is a key market," said group chief executive Alistair Cox."By adding the existing market-leading business and quality leadership team that Veredus brings, we enter the next phase for Hays in the USA with a clear plan to significantly accelerate our growth trajectory in this key market."Florida-based Veredus reported adjusted earnings before interest, tax, depreciation and amortisation of £4.2m in the year ended 30 June.