People Infrastructure (ASX:PPE)- CEO, Ross Thompson
CEO, Ross Thompson
Source: Ross Thompson/LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Recruitment specialist PeopleIn (PPE) enters an agreement to acquire 100 per cent of Perigon Group
  • Headquartered in Sydney, Perigon is a leading Australian recruitment business that offers contracting and permanent recrutiment services
  • This acquisition will provide PeopleIn with exposure to the accounting and finance recruitment sector
  • Consideration for the acquisition is an upfront cash payment of $16 million and a deferred cash consideration may be payable based on Perigons EBITDA in 2022, 2023 or 2024
  • PeopleIn ends the day 1.74 per cent in the green with shares trading at $4.10

Recruitment specialist PeopleIn (PPE) has entered an agreement to acquire 100 per cent of Perigon Group.

Headquartered in Sydney and with offices in Melbourne and Brisbane, Perigon is a leading Australian recruitment business that offers contracting and permanent recruitment services.

This acquisition will provide PeopleIn with exposure to the accounting and finance recruitment sector.

Consideration for the acquisition is an upfront cash payment of $16 million and a deferred cash consideration may be payable based on Perigons earnings before interest, tax, depreciation and amortisation (EBITDA) in 2022, 2023 or 2024.

Based on Perigon’s current earnings projections, it is believed a further $10.8 million may be payable.

Perigon is expected to record EBITDA of $1.5 million in FY22 and $4.3 million in FY23.

Additionally, Founder Nigel Barcham will join the PeopleIn executive committee as well as continuing his role as Managing Director of Perigon.

“Acquiring Perigon Group is key in executing on PeopleIn’s growth plan, with high anticipated growth expected in finance, and accounting recruitment services over the next five years,” PeopleIn CEO Ross Thompson said.

“The PeopleIn team was particularly attracted to both a strong cultural fit and a strong leadership team founded on collaboration — which we both see as critical to our continued growth together.

“PeopleIn is excited about the opportunity to sell accounting and finance recruitment services to its existing client base spanning, health, IT and industrial and specialist services. It is also excited about the ability to apply some of its key strategic initiatives such as sourcing staff internationally to the Perigon business.”

PeopleIn has ended the day 1.74 per cent in the green with shares trading at $4.10 for a $384.4 million market cap.

PPE by the numbers
More From The Market Herald
Cavalier Resources (ASX:CVR) - Executive Technical Director, Daniel Tuffin

" Cavalier Resources (ASX:CVR) begins PFS at Crawford

Cavalier Resources (ASX:CVR) has begun a pre-feasibility study (PFS) at the Crawford Gold Project within the…
Ten Sixty Four (ASX:X64) - Outgoing Managing Director, Paul Ryan Welker

" Ten Sixty Four (ASX:X64) terminates services agreement of former MD, Paul Ryan Welker

Ten Sixty Four (ASX:X64) has terminated the executive services agreement of former Managing Director Paul Ryan…

" M3 Mining (ASX:M3M) identifies drill targets at Edjudina

M3 Mining (ASX:M3M) has identified prospective gold-in-soil anomalies at the Edjudina gold project 150 kilometres northeast…

" Good Drinks Australia (ASX:GDA) commences the sale of Molson Coors and Magners

Good Drinks Australia (ASX:GDA) begins to sell the Miller Chill, Miller Genuine Draught, Coors, Molson Canadian…