January 6, 2015 – Hays plc, a U.K.-based executive recruiting firm, has acquired 80 percent of Veredus Corp. for an initial consideration of approximately $44 million, on a cash free / debt free basis. The remaining 20 percent of equity in Veredus will be retained by the selling shareholders, all of whom will continue in their senior leadership roles within the Hays USA business. Hays has the option to acquire the remaining 20 percent from the selling shareholders; this option is first available for exercise in March 2018 at a pre-determined multiple of earnings and is subject to a cap. “Since entering the U.S. market in late 2010, the Hays business has rapidly expanded, providing specialist recruitment services in the life sciences and oil & gas sectors, with offices in New York and Houston,” said Alistair Cox, CEO. “Veredus’ clear, market-leading focus on IT and their established platform across the Southeast and Midwest, alongside deep existing client relationships across a range of sectors makes it highly complementary to our existing North American and global operations."
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