Kelly sells European staffing business to Gi Group for up to €130M (€100M cash + €30M earnout)

KELLY SERVICES INC

Cash proceeds of €100M at close plus earnout of up to €30M based on adjusted 2023 EBITDA; expected close in Q1 2024.
Transaction enables focus on higher-margin global MSP, RPO, and FSP solutions and specialty staffing in North America.
Kelly retains KellyOCG business in EMEA; will continue to serve customers with network of 3,000 suppliers across 140 countries.
Dinette Koolhaas, SVP and president of Kelly International, will depart after close and transition period.
Deal unlocks capital for organic/inorganic investments; targets normalized adjusted EBITDA margin of 3.3%-3.5%.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Dinette Koolhaas

Senior Vice President and President of Kelly International

KELYA · KELLY SERVICES INC

Filed: November 2, 2023, 7:59 PM ET

Dinette Koolhaas, senior vice president and president of Kelly International, will end her more than 15-year tenure with Kelly and move on to new endeavors following the close of the transaction and after a transition period.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dinette Koolhaas departed as Senior Vice President and President of Kelly International at KELLY SERVICES INC.

Action: departing
Role: Senior Vice President and President of Kelly International

Exact text from the filing

Dinette Koolhaas, senior vice president and president of Kelly International, will end her more than 15-year tenure with Kelly and move on to new endeavors following the close of the transaction and after a transition period.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KELLY SERVICES INC entered into agreement for the sale and purchase of all outstanding share capital of Kelly Services Management SARL with Gi Group Holdings S.P.A. valued at €100 million (effective 2023-11-02).

Action: entry
Agreement: asset purchase
Counterparty: Gi Group Holdings S.P.A.
Value: €100 million
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, Kelly Services, Inc. (“Kelly”) and Gi Group Holdings S.P.A. (“Gi”) entered into an agreement for the sale and purchase of all outstanding share capital of Kelly Services Management SARL, which will result in the sale of Kelly’s European staffing business to Gi

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26 material agreements filed in the last 30 days. Browse all material agreements →

KELLY SERVICES INC filing history →

Source: SEC EDGAR

accession 0000055135-23-000023

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