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鈥淭ESA is a logical fit with Skilled and builds on our strong position in the blue-collar sector while increasing our scope in the mining and resources sector, particularly through the provision staffing services to the strategic and rapidly expanding black coal industry,鈥� Skilled Group chief Greg Hargrave said.
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Founded in Tasmania in 1999, TESA has grown through organic growth and acquisitions to become one of Australia鈥檚 leading suppliers of skilled labour to the mining, manufacturing and utility sectors. Today, TESA operates in 18 locations throughout Australia and generated normalised revenue of $163.3 million in 2006.
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Current TESA managing director Craig Ransley will join Skilled under a three-year employment contract.
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鈥淐raig will play a key role in the integration and management of the black coal business going forward,鈥� Hargrave said.
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TESA鈥檚 offices will be added to the 90 Skilled offices across Australia, and the coal sector will be added to Skilled Group鈥檚 target markets, which already include blue-collar, call centre and nursing sectors.
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The purchase price is a multiple of 7.3 times normalised earnings before interest, taxes, depreciation and amortisation for the year ended June 30, and will be fully debt funded and payable in cash upon completion. Skilled said gearing was expected to increase to around 53% following the acquisition of TESA and Catalyst Recruitment, announced last week.
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The deal is subject to due diligence, expected to conclude August 31.
