Recruiter Parc has taken over the combined Noonan Recruitment Consultants and Professional Placement Group in a deal valued at €300,000.

Parc chief executive Mr Peter Keenan confirmed yesterday that the firm completed the acquisition. He did not reveal the purchase price but it is understood the deal includes an "earn- out" element.

Noonan and Professional Placement have combined gross profits of around €800,000- €900,000, indicating net profits €40,000, according to industry sources.

Depending on client bases and contracts, recruitment agencies sell for around six to eight times their net profits. On that basis, one industry commentator last night estimated that the price tag would have been around €320,000.

Noonan specialises in the building industry while Professional Placement deals mainly in financial services and accountancy.