USG People Sells USG Energy
USG People, a specialized provider of employment services in Europe, is selling USG Energy as part of its strategic revision aimed at focusing on market segments in which it can offer major added value and create sufficient scope.
USG Energy is focused on providing personnel for drilling, production and engineering work, as well as providing medical services in exploration and exploitation of gas and oil reserves.
Within its Professionals segment USG People has defined focus areas which can achieve sufficient critical mass and synergies within the group using the resources at its disposal.
“To be able to do this within the HR market for offshore energy would require an investment that would be too one-sided and substantial for this market segment. That is why the group has decided to divest USG Energy. The sale to private equity firm Rabo Capital means that USG Energy will be able to fully benefit from further growth within the market segment in the future, without being bound by USG People’s group strategy,” said USG People in a press release.
USG People will realise proceeds of € 80 million from the sale which will support the further growth of USG Professionals. A gain of € 39 million will be recognised in the results for the first quarter of 2013.
USG People revised its strategy in October 2011 and is focusing a great deal of its efforts to expand the company on its Specialist Staffing and Professionals divisions.
Press Release, March 1, 2013