PeopleIn signs deal to acquire shares in FIP Group Holdings Pty Ltd

PeopleIn Limited (ASX: PPE) announced that it has signed an agreement to acquire 100% of the shares in FIP Group Holdings Pty Ltd (FIP). FIP is a workforce solutions business that is amongst the biggest providers of staff to the food sector in Australia.  It hires several workers under the PALM Scheme.

The acquisition of FIP increases PeopleIN’s contribution in the food sector and strengthens PPE’s position as the biggest ASX-listed recruitment and staffing business in Australia.

The consideration payable for FIP is on a cash free, debt free basis. The Company expects that Food Industry People Group would contribute ~AU$9.5 million in EBITDA in FY2023 and generate pro forma forecast EPS accretion of +15% in FY2023. The cash constituent of the acquisition will be debt funded from the Company’s current lender and the net debt post acquisition will be ~1.1x net debt to pro forma FY2022 EBITDA

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