Connecticut-based private equity firm Littlejohn & Co will sell IT staffing and recruitment agency Motion Recruitment Partners to global specialty talent solutions provider Kelly for $425m in cash, in a transaction that is expected to close in Q2 2024.
Under the terms of the agreement, there is potentially an additional earnout of up to $60 million based on performance criteria. Additional details about the transaction will be provided in Kelly’s Q1 earnings conference call on 9 May.
According to a press release, Kelly will fund the transaction through debt and available capital, including the redeployment of around $100m from the sale of its European staffing operations in January.
The transaction is expected to build on Kelly Science, Engineering & Technology (SET), its life sciences and engineering staffing provider; KellyOCG, its managed services staffing and solutions provider; Kelly Professional & Industrial, its industrial staffing provider; and Kelly Education, its education staffing provider.
In a statement, Peter Quigley, President and CEO of Kelly, described Motion’s businesses as “an exceptional fit for Kelly’s SET and OCG segments”.
Kelly is being advised by Houlihan Lokey and Jasso Lopez. MRP is being advised by Robert W Baird and Baker Hostetler.
