Irish recruitment company Sigmar is to enter a strategic partnership with the France-based Groupe Adéquat to create a €1 billion global group.
Sigmar Recruitment is currently number three in the Irish recruitment market and employs 125 people in Dublin, Cork, Galway and Tralee.
Groupe Adéquat is among the top 50 recruitment companies in the world and had a turnover of €900 million last year.
In a statement to mark the deal, the companies said they now aimed to become one of the top 25 global recruitment firms.
The partnership will be structured through a staged equity investment over a five-year period that will see Groupe Adéquat take majority interest.
The deal is expected to bring significant growth to Sigmar’s Irish operations, which will act as Groupe Adéquat’s gateway to English-speaking countries.
Sigmar’s existing management team is to remain in place “for the long-term and will work with the Groupe Adéquat’s leadership team to execute international expansion”, it said.
‘Similar culture’
Commenting on the move, Sigmar chief executive Adrian McGennis said: “Groupe Adéquat has a very similar mindset and culture to Sigmar, with major ambition to scale that aligns with ours.
"Our partnership with Groupe Adéquat will allow us to accelerate our plans to internationalise while expanding our service offering for our customers in Ireland."
Groupe Adéquat said it had identified Sigmar as a strategic partner due to its reputation as one of the most respected and innovative consultancies in Europe.
Sigmar has consistently ranked among the top five Irish workplaces in Great Place to Work’s tables and was last year’s recipient of the Business of the Year title at the European Business Awards.
Groupe Adéquat employs about 1,000 people and claims 150,000 work placements per year.
