Peoplein Limited completed the acquisition of FIP Group Holdings Pty Ltd from Elsem Pty Ltd for AUD 70 million.
June 06, 2022
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Peoplein Limited (ASX:PPE) entered into an agreement to acquire FIP Group Holdings Pty Ltd from Elsem Pty Ltd for AUD 70 million on June 2, 2022. Peoplein will pay AUD 35 million in cash and AUD 10 million, through issuance of 3,058,104 ordinary shares at an issue price of AUD 3.27 per share, being the Volume Weighted Average Price for PeopleIN shares in the 10 consecutive trading days prior to Execution. The shares are subject to voluntary escrow for six months after Completion. A further AUD 25 million may be payable as deferred cash consideration over two tranches based on the business achieving agreed growth in EBITDA for FY23 and FY24. The consideration payable for FIP Group is on a cash free, debt free basis. The cash component of the acquisition will be debt funded from PeopleIN's existing lender. Food Industry People Group CEO Brad Seagrott will join the PeopleIN executive leadership team and continue in his current role as CEO of Food Industry People Group. The transaction is subject to conditions and is expected to complete by mid June, 2022. Lyndon Masters, Eddie Ahn, DLA Piper acted as legal advisor to Elsem Pty Ltd
Peoplein Limited (ASX:PPE) completed the acquisition of FIP Group Holdings Pty Ltd from Elsem Pty Ltdon June 6, 2022.
PeopleIn Limited is a talent solutions company. The principal activities of the Company include provision of workforce management, contracted staffing, recruitment and human resources outsourcing services. The various services provided by the Company include recruiting, on-boarding, contracting, rostering, timesheet management, payroll, and workplace health and safety management. Its segments include Industrial and Specialist Services, Professional Services, and Health and Community. Industrial and Specialist Services segment provide industrial talent solutions to small, medium, and large businesses across a diverse range of sectors including food processing, infrastructure, construction, transport, resources, renewables and hospitality. Professional Services segment include includes staffing service businesses Halcyon Knights and the Perigon Group. Health and Community segment provide staff to hospitals, aged care, disability, mental health and child protection services.
PEOPLEIN LIMITED 
