Amsterdam, Thursday, July 14, 2005
Vedior expands further into Eastern Europe
Vedior is pleased to announce it has signed an agreement to acquire an initial 55% interest in the ConsulTeam Group of Companies (“ConsulTeam” or “the Company”), a market leader in the provision of temporary recruitment services, permanent placement, training and other HR related services from offices in Bulgaria, Romania, Croatia and Serbia & Montenegro.
Zach Miles, Vedior’s Chief Executive said, [I]“Vedior will assist ConsulTeam to expand its network in the Balkan region as well as to develop its range of higher-margin professional/executive recruitment services. With the accession of Bulgaria and Romania to the European Union in 2007, ongoing economic restructuring and growing inward investment will help to provide excellent growth opportunities for the Company.
With ConsulTeam as a member of the Vedior Group, our international presence has been expanded to 42 markets.”[/I]
ConsulTeam was founded in 2000 and currently has a network of 5 offices servicing local markets as well as providing cross-border services throughout Southeastern Europe. The Company has both local and international clients and, through an exclusive strategic partnership, provides HR consulting in Albania, Bulgaria, Bosnia & Herzegovina, Croatia, the Former Yugoslav Republic of Macedonia, and Serbia & Montenegro. Temporary recruitment provision via third parties is only just beginning to emerge in these countries and, while the market is currently small, the acquisition comes at a time when ConsulTeam can benefit from strong structural growth factors. ConsulTeam achieved annual sales to 31 December 2004 of BGL 1.4 million (€798,000).
Vedior has a growing position in Central and Eastern European recruitment markets. Aside from the markets serviced by ConsulTeam, Vedior already has an established presence in the Czech Republic, Hungary, Poland, Slovakia and Turkey. Our strong presence in these markets means that Vedior is well-positioned to benefit from EU enlargement, the continued growth of offshoring and the inevitable skills shortages facing Western Europe.
ConsulTeam’s existing management will continue to develop the Company and retain a 45% interest with Vedior having the right to acquire these shares in due course.
Company Profile:
Vedior is one of the world’s largest recruitment companies and is a full-service recruitment provider with a diversified portfolio of brands targeting a broad range of industry sectors. Annual sales for 2004 were €6,467 million.
From its global network of offices spanning Europe, North America, Australasia, Asia, South America and Africa, Vedior offers temporary and permanent recruitment as well as a number of complementary employment-related services such as outplacement, HR outsourcing, payrolling and training.
Vedior has a leading market position in the provision of professional/executive recruitment in sectors such as information technology, healthcare, accounting, engineering and education. In order to meet client requirements for all categories of personnel, we also have a significant global network providing administrative/secretarial and light industrial recruitment.
For further information, please contact:
| Zach Miles, Chief Executive |  | +31 (0)20 573 5609 |
| Jelle Miedema, Company Secretary |