Staffing company Adecco finalizes purchase of HR solutions provider Drake Beam Morin, Inc.
Zurich, Switzerland – The world's leading HR solutions provider, based in Zurich, Switzerland, has significantly expanded its global presence with the acquisition of Drake Beam Morin (DBM) in 2011. This strategic move has positioned Lee Hecht Harrison (LHH) as a dominant player in the workforce transformation sector, offering comprehensive solutions to multinational clients.
Geographical Expansion
Before the acquisition, DBM had strong operations particularly in Europe, Asia, and Latin America, while LHH was more dominant in North America. The integration of DBM’s footprint with LHH’s has created one of the largest workforce transformation firms globally, with offices across North America, Europe, Asia Pacific, and Latin America.
Synergies
The combination of LHH and DBM has created synergies by merging DBM’s expertise in career transition and outplacement services with LHH’s leadership development and talent mobility solutions. This allows the combined entity to offer more comprehensive workforce solutions to multinational clients.
Market Impact
The enlarged global platform has expanded service capabilities and client base, positioning LHH as a preferred partner for multinational corporations managing workforce changes and talent development on a broad scale.
Integration
The acquisition led to consolidated operations under the parent company, Adecco Group, improving resource efficiency and standardizing service delivery models.
This strategic move has significantly enhanced LHH’s competitive positioning in the global HR services market and broadened geographic coverage in key growth markets. However, detailed financial synergies or market share data post-acquisition are not publicly disclosed.
Forward-Looking Statements
The information in the release may involve forward-looking statements, which involve risks and uncertainties. Factors that could affect the company's forward-looking statements include global GDP trends, changes in regulation, intense competition, integration of acquired companies, changes in the ability to attract and retain personnel or clients, the potential impact of disruptions related to IT, and any adverse developments in existing commercial relationships, disputes, or legal and tax proceedings.
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The acquisition is expected to create a global presence in the outplacement and talent development services sector. The majority of the synergies are expected to be achieved in the first year, with the transaction expected to close in the third quarter of 2011 and be financed with the group's existing financing resources.
The combined entity will offer talent solutions throughout the entire employee life cycle, making it the world's leading career transition and talent development services provider. This acquisition considerably expands the global footprint of Lee Hecht Harrison beyond its main markets, with a strong presence historically in the U.S., France, the UK, Canada, and Brazil.
Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). The transaction remains subject to customary closing conditions, including the receipt of certain regulatory approvals. The spot exchange rate is 1.42 USD/EUR. The our group, a Fortune Global 500 company, has announced the acquisition of Drake Beam Morin, Inc. for an enterprise value of EUR 149 million.
For more concrete or updated data, specialized industry reports on HR consulting firms or press releases from Adecco Group around 2011 might provide further insights.
In the aftermath of the acquisition in 2011, the combined entity, Lee Hecht Harrison (LHH), transformed into a dominant player globally, offering comprehensive workforce solutions due to the integration of Drake Beam Morin's (DBM) expertise in career transition and outplacement services with LHH's leadership development and talent mobility solutions. (leadership development, career transition, talent development)
The acquisition allowed LHH to broaden its geographic coverage, particularly in key growth markets, such as Europe, Asia Pacific, and Latin America, in addition to consolidating its existing operations in North America. (permanent placement, temporary staffing, geographical Expansion)
The enlarged platform expanded the service capabilities and client base for LHH, making it a preferred partner for multinational corporations focusing on workforce changes, talent development, and business needs. (finance, investing, business)
The transaction was funded with the group's existing financing resources and expected to close in the third quarter of 2011, resulting in a significant enhancement of LHH's competitive positioning in the global HR services market. (tmp staffing, outsourcing, acquisition)
