Mishcon de Reya has advised Staffing 360 Solutions Inc. on the acquisition of London-based IT staffing firm, The JM Group.
The JM Group has been providing IT workforce solutions to clients across the financial services, professional services and corporate sectors for over three decades. The firm now has 25 employees and an annual turnover of $25m.
Staffing 360 Solutions, Inc. is a public company which provides international staffing services in IT, financial, accounting, healthcare and cyber security industries. The purchase is expected to add additional services to its existing UK operations. Staffing 360 has developed a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenues to $300 million.
Brendan Flood, Executive Chairman of Staffing 360 Solutions commented: "The acquisition of The JM Group is a significant addition to our organisation and is a major development for our company. Enhancing our IT service offerings, which is a high-margin sector of the staffing industry, is a key initiative for our company. The JM Group is a great company that strengthens the depth of our operations in the UK and complements our previous acquisitions in this geography."
The Mishcon de Reya team was led by Head of Corporate Nick Davis and assisted by Associate Samantha Barnett with Consultant Bridget Wood providing recruitment regulatory advice.
Nick Davis commented: "We are really pleased to have worked on this strategically important transaction. We continue to provide advice to Staffing 360 Solutions in relation to its successful acquisition strategy and in expanding its existing capability and operations in Europe.
"The recruitment sector is a particular strength of our firm, and we have seen an increased amount of corporate activity in this sector in the past two years. Working on this deal further demonstrates our expertise in understanding the dynamics of today's increasingly complex, competitive and global recruitment environment".
Brendan Flood added: "This is the third transaction on which we have worked with Nick Davis and Mishcon de Reya in less than two years. The firm's understanding of the sector and the quality of their team makes each transaction move methodically and smoothly to a positive conclusion for all involved."