by Joe Wilhelm Jr.
Staff Writer
Deal awaits shareholder approval
A Jacksonville-based specialty staffing, consulting and business solutions company has entered into an agreement to be acquired by Zurich, Switzerland-based Adecco in an approximately $1.3 billion cash transaction.
MPS Group has been a major employer in Jacksonville since 1992 and currently employs about 700 people at its headquarters and offices in Jacksonville. The company also has offices in Canada, United Kingdom and Continental Europe.
The company provides specialty staffing, consulting and solutions through brands including: Accounting Principals (accounting and finance U.S.), Badenoch & Clark (accounting and finance U.K.), Entegee (engineering), Soliant Health, Modis (information technology U.S. and U.K.), Idea Integration (IT solutions and integration), Special Counsel (law) and beeline (workforce solutions).
“We are pleased to be joining forces with Adecco. Not only will this transaction create substantial shareholder value, but the combination of MPS Group and Adecco will also be very positive for our employees, consultants and clients,” said Timothy Payne, MPS Group Chief Executive Officer. “Together, MPS Group and Adecco will be positioned to deliver a broad range of high value professional staffing solutions to our clients. As our organizations grow together, we believe that this combination will also create substantial career opportunities for many of our people.”
Adecco’s U.S. headquarters is located in Mellville, N.Y., and it employs 4,850 full-time employees and it has over 70,000 members of its staff on assignment in the U.S. Adecco has over 900 offices in almost all of the 50 states, including three offices in Jacksonville.
The acquisition awaits shareholder approval, antitrust clearance and other regulatory approvals and closing conditions, but MPS Group isn’t expecting a reduction in staff in Jacksonville.
“We will maintain, at least, the same number of employees in Jacksonville,” said Tyra Tutor, senior vice president-corporate development.
Tutor also expects to see the MPS Group’s label remain in a few other signature places, including the MPS Terrace Suites at Jacksonville Municipal Stadium and The MPS Group Championships tennis tournament.
“Those sponsorships have at least two more years,” said Tutor.
The acquisition is expected to close in the first quarter of 2010. It is not subject to a financing contingency and will be financed by Adecco’s current cash resources as well as existing financing capabilities.
“In addition to creating value for our shareholders, we believe this merger will create tremendous opportunity for Jacksonville, which will serve as the base for Adecco’s North America professional staffing operations,” said Derek Dewan, MPS Group Chairman. “I am proud that MPS Group has been a leading employer in Jacksonville and an active supporter of the community since 1992.”
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