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Adecco buys General Assembly in $412.5 million deal

Staff Writer | April 16, 2018
Adecco Group is buying U.S.-based technology education provider General Assembly for $412.5 million including debt.
Adecco Group
Acquisition   General Assembly founders include Hyatt hotels heir Adam Pritzker
General Assembly, whose founders include Hyatt hotels heir Adam Pritzker, is a private school business started in 2011 that provides training in fields such as data science and analysis.

Its revenues in 2017 were about $100 million with a strong 2018 booking backlog, Adecco said in a statement.

Adecco said it saw synergies between General Assembly and its own training business, in particular the Lee Hecht Harrison career transition business.

“General Assembly is currently in a high-growth investment phase and is therefore expected to be modestly dilutive to Group earnings in 2018, the impact of which is included within the group’s current guidance on planned strategic investments,” Adecco said in a statement.

“From 2019, General Assembly is expected to be modestly accretive to earnings,” it added. “In the medium-term General Assembly’s EBITA (core earnings) margins are anticipated to be significantly higher than the group average.”