InterQuest's Acquisition of Rees Draper Wright
Pubished 3rd August 2016
InterQuest Group plc, the specialist recruiter in the technology, analytics and digital market is pleased to announce the acquisition of a majority interest in Rees Draper Wright ("RDW") with the right to acquire the remaining shares in RDW.
Overview of the Acquisition
RDW is a boutique executive search firm for blue chip clients operating out of London and New York. The Board of InterQuest believes the acquisition of RDW presents a strong strategic fit:
- providing the opportunity to cross sell services in the new digital economy for both businesses;
- enabling the Company to expand its operations in the US with a New York platform to grow its digital, analytics and cyber security divisions in the US;
- providing an opportunity for the management of RDW to continue their expansion plans into Europe; and
- adding an interim service to the Company's search offering.
The Group is also delighted to welcome Richard Draper, the Managing Director of RDW, who will join the Operational Board of InterQuest and Dan Richards, RDW's US Managing Director, who will lead the InterQuest's expansion and growth in the New York market.
RDW will have access to InterQuest's marketing/content origination and management coaching, as well as central services and will continue to trade under the valuable "Rees Draper Wright" brand.
Commenting on the acquisition Chris Eldridge, CEO at InterQuest said:
"RDW is an excellent fit for InterQuest Group, strengthening our reputation in the Global consulting sector and providing a platform to grow the Groups existing business in the US. We are excited about developing the RDW brand and building on InterQuest Group's digital specialisation."
As part of the consideration for RDW, Interquest will be issuing 728,000 new ordinary shares to the vendors on completion. Application has been made to the London Stock Exchange for the admission of 728,000 new ordinary shares to trading on AIM. The new ordinary shares will rank pari passu with the existing ordinary shares of the Company. Admission of the new shares is expected to take place at 8.00am on 9 August 2016. The outstanding interests in RDW are subject to put and call arrangements with the vendors, which can be exercised up to 18 October 2016 on the same terms. Assuming that this option is exercised, a further 205,333 new ordinary shares will be issued in due course.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.