Kelly Services, Inc. (NasdaqGS:KELY.A) completed the acquisition of Motion Recruitment Partners, LLC from Littlejohn Fund V, L.P., managed by Littlejohn & Co., LLC.
June 03, 2024
Share
Kelly Services, Inc. (NasdaqGS:KELY.A) entered a definitive agreement to acquire Motion Recruitment Partners, LLC from Littlejohn Fund V, L.P., managed by Littlejohn & Co., LLC for approximately $490 million on May 2, 2024. As a part of consideration, Kelly Services, Inc will pay $425 million in cash and additional earnout potential of up to $60 million based on certain performance criteria. The Company expects to fund the transaction through debt and available capital, including the rapid redeployment of more than $100 million from the sale of Kelly?s European staffing operations in January 2024. The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the second quarter of 2024. Houlihan Lokey, Inc. (NYSE:HLI) acted as a financial advisor and Jasso Lopez PLLC acted as a legal advisor to Kelly Services, Inc. Robert W. Baird & Co. Incorporated acted as a financial advisor and Baker & Hostetler LLP acted as a legal advisor to Motion Recruitment Partners, LLC. Aaron Dixon of Alston & Bird, LLP represented Houlihan Lokey as financial advisor to buyer. As of May 30, 2024, in connection with the acquisition of Motion Recruitment Partners, LLC, the Company borrowed $203.0 million under the securitization facility and $87.0 million on the revolving credit facility.
Kelly Services, Inc. (NasdaqGS:KELY.A) completed the acquisition of Motion Recruitment Partners, LLC from Littlejohn Fund V, L.P., managed by Littlejohn & Co., LLC on June 3, 2024.
Kelly Services, Inc. is a specialty talent and workforce solutions provider operating throughout the world. It operates through four segments: Professional & Industrial (P&I); Science, Engineering & Technology (SET); Education, and Outsourcing & Consulting Group (OCG). P&I segment delivers staffing, outcome-based and permanent placement services, providing administrative, accounting and finance, light industrial and contact center staffing and other workforce solutions in the United States and Canada. SET segment delivers staffing, outcome-based and permanent placement services focused on science and clinical research, engineering, technology and telecommunications specialties. Education segment delivers education and therapy services talent through staffing, permanent placement and executive search services to Pre-K-12 school districts and education organizations. OCG segment delivers talent solutions including managed service provider (MSP) and recruitment process outsourcing (RPO).
Kelly Services, Inc. (NasdaqGS: KELY.A) completed the acquisition of Motion Recruitment Partners, LLC from Littlejohn Fund V, L.P., managed by Littlejohn & Co., LLC.