Trust Tech Acquires Quattro Group
Japan’s Trust Tech Inc through its UK subsidiary, Gap Personnel.
The Tokyo based company issued the following announcement. “Notice concerning the Acquisition of Shares of British Staffing Company “Quattro Group Holdings Limited” Becoming a Consolidated Subsidiary Trust Tech Inc. (the “Company”) hereby gives notice that a resolution was passed at its Board of Directors meeting held on August 10, 2018 to acquire 75% of the shares of Quattro Group Holdings Limited (“Quattro Group”) through the Company’s consolidated subsidiary Gap Personnel Holdings Limited (“Gap Group”).
Purpose for share acquisition The Trust Tech Group (the “Group”) is formulating medium-term growth strategies to expand its global market. Quattro Group has business locations in east England, where it provides staffing services to blue chip companies concentrated on the British food processing and manufacturing sectors, and it has a strong trading base. Gap Group provides staffing services like the Quattro Group to the food processing and manufacturing sectors throughout England and Wales. Given its regional complementary relationship, through Quattro Group joining the Group, the Company expects to provide services throughout all of England, to expand our market position in the UK, to enhance our brand strength, and to further strengthen our business base. With the Group’s enhanced presence in the British market at the core of our European development, we will further expand our services.
Method of acquisition By August 2018, the Company will acquire 300 shares (75%) of Quattro Group’s 400 issued ordinary shares from existing shareholders. As a result of the acquisition, the Company plans to make Quattro Group a consolidated subsidiary of the Company.”
The purchase price will be between ￡6,873,000 to ￡7,873,000 or \982 million to \1,125 million.