KELYB - Kelly Completes Acquisition of Motion Recruitment Partners LLC | Benzinga
- Transformational acquisition expected to accelerate EBITDA margin expansion
- MRP to continue delivering services through existing operating companies and brands
- Kelly management to host live webcast on June 18 to provide more details about the rationale for the acquisition and insights into MRP's financial profile
TROY, Mich., June 03, 2024 (GLOBE NEWSWIRE) -- Kelly (NASDAQ:KELYA, KELYB)) ("the Company"), a leading global specialty talent solutions provider, today announced it has completed the acquisition of Motion Recruitment Partners, LLC ("MRP"), from Littlejohn & Co., LLC ("Littlejohn"), a private investment firm based in Greenwich, Connecticut. Kelly previously announced on May 3, 2024, that it had entered into a definitive agreement to acquire MRP from Littlejohn.
The acquisition of MRP strengthens the scale and capabilities of Kelly's staffing and consulting solutions across technology, telecommunications, and government specialties in North America, and recruitment process outsourcing (RPO) solutions globally. With a margin profile commensurate with a highly specialized technology talent solutions provider, MRP fits exceptionally well with Kelly's strategy to enhance the revenue growth potential of the company and drive continued EBITDA margin expansion.
"Today marks a transformational step forward on our journey to sharpen Kelly's focus on higher-margin, higher-growth specialty outcome-based and staffing services in North America, and global RPO and MSP solutions," said Peter Quigley, president and chief executive officer, Kelly. "I'm excited to welcome MRP to the Kelly team and look forward to the significant growth and value creation we will deliver together."
"MRP's capabilities are excellent complements to Kelly SET as we continue our journey to become a leading technology staffing and consulting solutions provider in North America," said Hugo Malan, president, Kelly SET. "They bring extensive expertise in enterprise technology staffing, as well as robust telecommunications and government specialties that align exceptionally well with our strong offerings in these segments."
"Sevenstep's RPO and MSP offerings align exceptionally well with KellyOCG and we believe the combined entities create a powerful story to bring to the market," said Tammy Browning, president, KellyOCG. "We look forward to authoring this story together with the Sevenstep team and unlocking new opportunities for growth over the long term."
Kelly acquired MRP for a purchase price of $425 million. Additional cash consideration ...