THE ADECCO GROUP COMPLETES THE DIVESTMENT OF SOLIANT HEALTH
Zurich, Switzerland, 3 January 2020: The Adecco Group, the world's leading HR solutions partner, announces the successful completion of its divestment of Soliant Health to Olympus Partners.
Having received all necessary regulatory approvals, the Adecco Group has successfully completed the divestment of its US healthcare staffing business, Soliant Health, to Olympus Partners for a cash consideration of USD 612 million (EUR 551 million). The transaction will result in a gain on sale to be recognised in the Group's Q4 & FY 2019 results.
The sale is part of the Adecco Group's strategy to concentrate on globally scalable brands and digital solutions.
As previously communicated, the Group will provide an update on the use of proceeds, in line with its capital allocation policy, with the release of the Q4 2019 results on 26 February 2020.
J.P. Morgan Securities LLC acted as exclusive financial advisor to the Adecco Group on the transaction.
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The Adecco Group Investor Relations
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The Adecco Group Press Office
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Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco Group AG as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company's forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Company operates; integration of acquired companies; changes in the Company's ability to attract and retain qualified internal and external personnel or clients; the potential impact of disruptions related to IT; any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.
About Soliant Health
Soliant Health (Soliant) is a healthcare services outsourcing platform. The company identifies and recruits highly-skilled healthcare professionals across a wide range of specialties and connects them with healthcare providers in the education, nursing, pharmacy, and life sciences segments, primarily on a temporary basis. Soliant has approximately 500 employees and is headquartered in Tucker, GA with offices in Florida, Illinois, Massachusetts, California and Texas. Soliant joined the Adecco Group in 2009 through the MPS Group acquisition.
About Olympus Partners
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries including business services, food services, consumer products, healthcare services, financial services, industrial services, and manufacturing. Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
About the Adecco Group
The Adecco Group is the world's leading HR solutions partner. We provide more than 700,000 people with permanent and flexible employment every day. With more than 34,000 employees in 60 countries, we transform the world of work one job at a time. Our colleagues serve more than 100,000 organisations with the talent, HR services and cutting-edge technology they need to succeed in an ever-changing global economy. As a Fortune Global 500 company, we lead by example, creating shared value that meets social needs while driving business innovation. Our culture of inclusivity, fairness and teamwork empowers individuals and organisations, fuels economies, and builds better societies. These values resonate with our employees, who voted us in the top five on the Great Place to Work® - World's Best Workplaces 2018 list, for the second year running. We make the future work for everyone.
The Adecco Group is based in Zurich, Switzerland. Adecco Group AG is registered in Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). The group is powered by ten lead brands: Adecco, Adia, Badenoch & Clark, General Assembly, Lee Hecht Harrison, Modis, Pontoon, Spring Professional, Vettery and YOSS.