Accordant Group To Acquire Prominent Executive Search Firm Hobson Leavy

Accordant Group Limited [NZX: AGL] has today agreed terms to acquire Auckland-based executive search firm Hobson Leavy.

“We are thrilled to announce the acquisition of another well-respected and market leading brand into the Accordant Group. Hobson Leavy’s commitment to quality work and excellent outcomes is well regarded across the business community and aligns strongly with our existing culture and ethos. We look forward to working with founders Carrie Hobson, Stephen Leavy and the team over the coming months as we bring added capability in executive search to Accordant clients, whilst introducing our wider Group expertise and capacity to the Hobson Leavy team.”

Highlighting the successful integration of previous acquisitions, Cherrington added “as announced at our Annual General Meeting last year, growth via acquisition remains a key pillar of Accordant’s strategic plan, building our capability, reach and additional services with purpose. Today’s announcement is another significant step forward on that journey.”

The acquisition was funded from existing debt facilities and is expected to grow annual EBITDA in excess of $2m. In FY22, Accordant reported an annual revenue of $221.5m, the result of placing just under 11,000 people into temporary, contract and permanent work.

Accordant Chair, Simon Bennett, reflected on the Group’s trajectory that began nearly a decade ago when the acquisition of Madison Recruitment transformed the company into New Zealand’s largest recruitment firm.

“We had a well-established national footprint in the blue-collar sector with AWF. Madison brought diversification into the white-collar space, and the collective scale of it compelled the Group to consider the role it had in supporting the growth and development of ‘NZ Inc’.”

Complementary acquisitions of Absolute IT in 2016 and JacksonStone & Partners in 2019 provided further breadth and depth of expertise for clients.

Hobson Leavy’s strong identity and operational leadership will remain which is consistent with Accordant’s previous acquisition strategies. Founders Carrie Hobson and Stephen Leavy will continue to lead the business and are excited to continue delivering the same quality of service they are renowned for with the opportunity to utilise new access to the Group’s infrastructure, broader network, and additional offerings.

“We now have the backing of a listed company, but what’s more pleasing is that we are part of a Group whose entire focus is on solutions for the unique needs of New Zealand’s labour market,” said Carrie Hobson.

“Against the backdrop of an election year, recessionary concerns and the changing world of work, New Zealand organisations are developing their 2023 hiring and retention strategies and Accordant remains well positioned to help solve those challenges,” Simon Bennett concluded.

The transaction is due to complete on 31st January 2023.

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