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SYDNEY: 20 July 2011: Chandler Macleod Group Limited (ASX: CMG)
Further to the announcement on 14 June 2011, Chandler Macleod Group Limited ("Chandler Macleod") today announced the expansion of its Asian business into Indonesia. Chandler Macleod has led a consortium to acquire an 86% interest in Advance Career International ("ACI").
ACI is a white collar contracting business in Indonesia with almost 4,000 people working primarily in the banking and telecommunications sectors. The management team is very experienced; it has a six year track record of growth (as demonstrated in the chart below) and a blue chip customer base.
The consortium has acquired its interest in ACI for cash consideration of $0.85 million. The remaining 14% of shares are held by the Managing Director of ACI. The acquisition is effective from 1 May 2011 but remains subject to satisfaction of certain conditions and local regulatory approval. The forecast EBITDA for ACI for the 2012 financial year is between $0.5 million and $1.0 million.
Chandler Macleod’s Managing Director, Ian Basser said "The Indonesian market presents a great opportunity to build our workforce offering in the white collar space. The growth potential of ACI, particularly with our expertise and funding capacity, is very exciting."
"We now have over 4,000 people out working with clients in the region and a regional sales force of 40 people who are equipped to sell our workforce management, payroll services and assessment business on the back of their current client base" said Mr Basser.
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