Gi Group doubles its presence in Germany with a new acquisition
Founded in 2003, OnTime Group operates in the temporary and permanent staffing sector and in the national and international mobility sector (via the House of Jobs brand). OnTime Group has 23 branches in Germany and more than 100 members of staff. In 2018, its turnover was €71.5 million.With this acquisition, Gi Group’s presence in Germany increases to over 60 branches, with an overall turnover of more than €150 million and more than 4,000 FTE (Full Time Equivalent) work placements, placing it amongst Germany’s top 20 recruitment agencies.
This transaction took place in conjunction with the close of the 2018 financial year, when the Group recorded €2.3 billion of turnover globally, a growth of 13.5% in 2017 (compared with a staffing industry market average of +1.5%*), EBITDA of €60 million and 45% of turnover generated outside Italy (compared with 42.7% in 2017). In this scenario and in light of this latest transaction, Germany became the Group’s fourth largest country in terms of turnover after Italy, United Kingdom and China.
“With the acquisition of OnTime Group,” Colli-Lanzi continues, “we have greatly increased our presence in the German market, which remains a strategic area in terms of size and the presence of top national and international market players. This transaction is also in line with our medium-term global objective, that is to become a €6 billion global player within the next five years.”