Impellam buys Lorien

Impellam Group has announced the acquisition of Lorien, a specialist in technology staffing, for an initial consideration of £22.3m in cash and £7.5m in new ordinary shares at a price of 460p. Lorien was founded in 1977 and is the largest independent specialist IT recruitment business in the UK, with offices in London, Leeds, Manchester and Edinburgh.

Julia Robertson, the chief executive Officer of Impellam Group, said:

“The acquisition of Lorien is a significant step for Impellam and makes us the second largest staffing company in the UK. It has long been our ambition to develop a substantial presence in IT staffing and I am delighted that Lorien, as a market leader in UK technology staffing, is now part of the group. There are strong synergies between our businesses and an excellent cultural fit.

“Following our acquisition of Career Teachers in March, the addition of Lorien further broadens the scale and scope of the group’s activities, increases our base of recurring revenues in an attractive high growth market and balances our portfolio.

“I am pleased to welcome Derek O’Neill to the Impellam Board and I look forward to working with James Kelly, Lorien’s chief executive, and all his management team to take the business to its next stage of growth and development.”