First KBC Holdings, now Oxyon. Workforce is on an acquisition drive.
Workforce Holdings Limited has acquired the business of Oxyon Human Capital Solutions, broadening the holding comopany’s artisinal temporary employment services (TES) capabilities.
Oxyon has been in existence for over 20 years, specialising in providing technical and artisanal skills to the engineering industry.
“The Oxyon acquisition is aligned to the Group’s strategy of expanding our technical and artisanal business offerings, and Workforce anticipates benefitting from various cross-selling opportunities into Oxyon’s existing client base by offering our suite of complementary human resource solutions in addition to Oxyon’s traditional services”, says Philip Froom, Workforce CEO.
This is the second acquisition by Workforce this year, following the acquisition of KBC Holdings last month. Shareholders were today advised that all conditions precedent for the KBC acquisition have been fulfilled and that this acquisition is now unconditional.
While Oxyon broadens Workforce’s TES reach, the recent KBC acquisition widens the group’s training and compliance arm. KBC provides induction training, Safety Health Environment and Quality (SHEQ) training, contractor onboarding services and contractor management, primarily in the mining and minerals industries in South Africa, where KBC enjoys meaningful market share and brand equity.
“KBC trains approximately 100,000 contractors annually in its 12 centres around the country. KBC complements our existing accredited training businesses, and meets our criteria of acquiring quality businesses, underpinned by strong management teams who, importantly, share Workforce’s entrepreneurial culture and values”, states Froom.
Acquiring KBC and Oxyon is part of Workforce’s strategy to grow its diversified range of human resource services through a combination of organic and acquisitive growth. In 2016, the company acquired the Quyn Outsourcing group and Gcubed following the acquisition of Prisma training towards the end of 2015. Press Release Workforce Holdings Limited Reg No: 2006/018145/06 Share Code: WKF | ISIN: ZAE000087847 Philip Froom (CEO) Workforce recently released a trading statement where it indicates that Earnings Per Share and Headline Earnings per share for its 2016 financial year is expected to increase between 15% and 25% compared to the previous corresponding period. Workforce is expected to release its financial results for the December 2016 year end around 23 March 2017