StockMarketWire.com - Empresaria, the international specialist staffing group, has acquired an 82.6% interest in Rishworth Aviation and its sister companies for US$10.0 million.

The remaining 17.4% interest is held by the senior management team, in line with Empresaria's management equity philosophy.

Rishworth is a specialist recruitment group headquartered in New Zealand, providing pilots and aviation personnel to clients across the globe, with a significant presence in Europe, Africa and Asia.

It is a 100% contract recruitment business, with pilot contracts typically lasting between 3 and 5 years.

Empresaria says Rishworth is profitable and cash generative. During the financial year ended 31 March Rishworth achieved unaudited revenues of NZD$138 millio, unaudited net fee income of NZD$8.9 million and unaudited adjusted EBIT of NZD$3.65 million.

Empresaria's board believes the acquisition will be earnings enhancing on an adjusted basis in the 2016 financial year.

Chief executive Joost Kreulen said: "In line with our stated strategy, we are focused on building a business that is diversified from both a sector and geographic perspective, has leading brands with sector expertise and improves our operational mix and temporary/contract bias. The investment in Rishworth directly fits this strategy, complements the Group's current operations and is expected to be earnings enhancing in 2016. We are excited by the growth opportunities that being part of the Empresaria Group provides Rishworth and look forward to working with the team."


At 9:04am: [LON:EMR] Empresaria Group PLC share price was -4p at 73p



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