PeopleIn to acquire Sydney-based recruitment company Perigon Group

PeopleIn, a workforce solutions provider, has agreed to acquire Perigon Group, a Sydney-based recruitment company, in a deal worth up to AUD 26.8 million ($19.25 million).

The consideration includes an upfront payment of AUD 16 million and deferred payment of up to AUD 10.8 million, which will be contingent on the EBITDA achieved by Perigon Group in 2022, 2023, or 2024.

Founded in 2010, Perigon Group provides specialized contracting and permanent recruitment services across finance and accounting, financial institutions, technology, corporate services, and corporate development.

The accounting recruitment business also has offices in Melbourne and Brisbane.

Its acquisition is said to give exposure to PeopleIN to the emerging accounting and finance recruitment sector, while further consolidating the latter’s position as one of the largest recruitment and staffing company to be listed on the Australian Securities Exchange (ASX).

Ross Thompson — PeopleIN CEO said: “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. 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.”

The deal, which is subject to certain conditions being met, is likely to close by the month-end.