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PeopleScout acquires UK-based RPO provider for $25 million net-of-cash

June 13, 2018

PeopleScout, a division of TrueBlue (NYSE: TBI) that provides MSP and RPO services, acquired UK-based RPO provider TMP Holdings Ltd. for $25 million net-of-cash.

The acquired firm operates under the name TMP Worldwide; however, it is neither owned by nor connected with TMP Worldwide Advertising & Communications, a recruitment advertising agency based in New York.

With the acquisition, PeopleScout aims to expand its global RPO capabilities as well as its footprint in Europe, the Middle East and Africa. The deal will also add talent advisory services to PeopleScout’s global client base, including employer branding, recruitment marketing, assessment services and talent acquisition strategy.

The transaction closed June 12, and TrueBlue acquired 100% of outstanding stock. Cash consideration at closing was $30 million less $5 million in cash and working capital on the balance sheet for a net-of-cash purchase price of $25 million.

TMP’s London headquarters will serve as PeopleScout’s EMEA headquarters, joining its worldwide headquarters in Chicago and Asia Pacific headquarters in Sydney. TMP’s Bristol delivery center will join PeopleScout’s global delivery center network which supports clients in more than 70 countries.

TMP CEO Andrew Wilkinson will join the PeopleScout executive leadership team as group managing director of EMEA.

“With TMP, we significantly strengthen our RPO footprint and delivery capabilities in EMEA — deepening our expertise in this strategic market,” said PeopleScout President Taryn Owen, who will continue to lead the organization. “Additionally, the TMP team infuses PeopleScout with decades of experience in recruitment marketing and talent acquisition strategy, better enabling our clients to connect with the talent they need now and in the future.”

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