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Adecco completes acquisition of Spring Group plc and announces further acquisition of MPS Group, Inc.


Spring’s Peter Searle takes reins as CEO of Adecco Group UK and Ireland

(London) 20th October 2009 – Adecco Group UK & Ireland is delighted to today announce the successful acquisition of Spring Group plc, in a move that will see Spring’s Peter Searle take control of Adecco’s UK& Ireland businesses as Chief Executive Officer and participate in the Adecco Group’s Executive Committee.

The deal, which follows a period of consultation in accordance with the Scheme of Arrangement procedure, since Adecco declared its initial interest in acquiring Spring Group plc on August 11th, will see the latter’s resources redeployed under the Adecco banner, creating one of the largest forces in UK recruitment and staffing.

“This deal will see the best qualities of two very successful recruitment firms combined into one powerhouse organisation, and I am honoured to be charged with the responsibility of ensuring that Adecco Group UK & Ireland enjoys the full benefit of this major acquisition,” said Searle. “From my own experiences of being Country Head Adecco UK & Ireland in the past, and most recently CEO at Spring Group plc, I know that both these organisations are filled with passionate, dedicated people who will be determined to meet the challenges of a more difficult market head on, and I’m pleased to be leading them”.

Searle, who held a number of roles with Adecco before joining Spring Group as CEO in October 2006, will take control of the combined recruitment operation across the UK and Ireland. The acquisition will strengthen Adecco’s UK market position with the addition of Spring’s specialist expertise in a range of areas that extend from Recruitment Process Outsourcing (RPO) to HR consultancy and managed IT and telecommunications services.

The portfolio of existing brands within Adecco’s UK and Irish set up – which, alongside the mainstream staffing operation, include secretarial specialist Office Angels, dedicated IT recruiter Computer People, engineering and technical division Roevin and the finance centric Ajilon brand – will continue to operate as they did prior to the acquisition, as will the Spring Group brands.

“We have no immediate plans to change the very successful and tailored blend of brands that sit within the expanded Adecco Group, but will instead be looking at how we can enhance the company’s existing offering with the skills and talents that the acquisition of Spring will bring,” confirmed Searle.

Adecco Group today also announced the acquisition of MPS Group, Inc. (‘MPS Group’), a leading provider of professional staffing services, for an enterprise value of EUR[1] 782 million, or USD 13.80 per share.

On the acquisition of MPS, Searle said “The combination of Adecco, Spring, and the MPS Group, will give us an even stronger platform to significantly expand our professional staffing business in the UK and further enhance our ability to provide compelling staffing solutions to all our clients.”

[1] Spot exchange rate: 1.49 USD/EUR


Notes to Editors:
About the Adecco Group
The Adecco Group, based in Zurich, Switzerland, is the world’s leading provider of HR solutions. With over 29,000 FTE employees and more than 5,800 offices, in over 60 countries and territories around the world, Adecco Group offers a wide variety of services, connecting more than 500,000 colleagues with over 100,000 clients every day. The services offered fall into the broad categories of temporary staffing, permanent placement, outsourcing, consulting and outplacement. The Adecco Group is a Fortune Global 500 company.

Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) with listings on the SIX Swiss Exchange (ADEN) and on Euronext in France (ADE).

Forward-looking statements:
Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco S.A. as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company’s forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Company competes; changes in the Company’s ability to attract and retain qualified internal and external personnel or clients; the potential impact of disruptions related to IT; any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.

About Spring Group plc
Spring Group is an international, full service recruitment provider. With a network of 75 offices across the UK, Europe, the US and Asia-Pacific, Spring Group provides resourcing and recruitment services to streamline processes and improve candidate quality; achieving both cost and time savings for our clients.

The Group comprises a diverse portfolio of divisions, specialising in: permanent and contract IT & telecoms recruitment; financial, clerical, engineering, industrial and sales & marketing recruitment; and recruitment outsourcing, workforce management solutions, and IT managed services.

The Spring businesses work hard to find our candidates superb opportunities around the world, and the expertise, professionalism and attention to customer service have enabled the company to achieve ISO 9001:2004 accreditation year on year since 1993.

For enquiries relating to Adecco Group UK & Ireland, please contact:
Chris Ewens                                      
Tel: 0845 3700 655
Octopus Communications                

Katie Siegel                                        
Tel: 020 7440 2133