<article><a href="http://www.naviscapital.com/" target="_blank">Navis Capital Partners</a> has exited its investment in <a href="http://www.peoplebank.com.au/" target="_blank">Peoplebank Holdings Pty Ltd </a>in a trade sale to <a href="http://www.recruit-rgf.com/" target="_blank">Japan’s Recruit Holdings</a>, for A$68.6 million ($56.5 million).</article>

<a href="http://www.naviscapital.com/" target="_blank">Navis Capital Partners</a> has exited its investment in <a href="http://www.peoplebank.com.au/" target="_blank">Peoplebank Holdings Pty Ltd </a>in a trade sale to <a href="http://www.recruit-rgf.com/" target="_blank">Japan’s Recruit Holdings</a>, for A$68.6 million ($56.5 million).
The Malaysia-based private equity firm acquired a controlling stake in Australia-based IT and specialist recruiting firm Peoplebank in July 2007 for a reported A$55 million ($45.25 million), under its fifth fund.
The sale represents a 25 per cent return on investment for Navis Capital.
The deal sets the ball rolling for Navis Capital to divest its pre-Global Financial Crises investments, in tandem with what co-managing partner Nicholas Bloy had told DEALSTREETASIA earlier this week. [<a href="http://www.dealstreetasia.com/stories/navis-capital-looking-2b-exits/" target="_blank">READ HERE</a>]
Under the terms of the deal, Peoplebank’s retiring founder and chairman Leon Lau sold the company and its units to Recruit Holdings.
PeopleBank was previously listed on the Australian Securities Exchange before Navis Capital’s’ subsidiary, <a href="http://www.pbrecruitment.ie/" target="_blank">PB Recruitment</a>, and Lau bought it and took the company private. 
Recruit Holdings’ acquisition of Peoplebank was part of its strategy to become a world’s leading human resources services provider by 2020, the firm said in a statement.
“In the future, we intend to seek further improvement of profitability and productivity by combining our know-how in the staffing business that we have obtained in Japan and the United States as well as elsewhere, and Peoplebank&#8217;s experience in the HR services business as well as its customer base in Australia and other countries,” Recruit Holdings said.
The acquisition of the outstanding shares in Peoplebank will be done through Recruit Holdings’ wholly owned Australian subsidiary, RGF Staffing Melbourne one Pty Ltd, funded by the group’s initial public offering proceeds.
The Tokyo-based firm simultaneously concluded the agreement to acquire 100 per cent outstanding shares in <a href="http://www.chandlermacleod.com/" target="_blank">Chandler Macleod Group Ltd</a>, an Australian HR services provider that is listed on the Australian Securities Exchange and provides a range of HR services in Australia.
Recruit Holdings, among the largest staffing companies in Japan, has been growing its international business largely through acquisitions. The acquisitions included <a href="http://thecsicompanies.com/" target="_blank">The CSI Companies</a>, <a href="https://www.staffmark.com/" target="_blank">Staffmark</a> and <a href="http://www.advantageresourcing.com/" target="_blank">Advantage Resourcing</a> which gave it footprint in the US and UK. 
Both Recruit Holdings and PeopleBank are known for providing temporary tech staff, with a global IT contractor business. Peoplebank also offers permanent workers and runs online job boards.
Peoplebank also has its own plans to expand across Asia with a new office in Malaysia. 
Peoplebank CEO Peter Acheson said in a statement that being part of the Recruit Holdings group will enable “Peoplebank (to) have the resources to partner with clients on major projects and new business models. We also gain access to best-practice IP to help amplify our growth strategies and, ultimately, increase Peoplebank&#8217;s lead as recruiter of choice in our markets,&#8221; he said, adding that the firm saw this development positively and “are looking forward to sharing its benefits with our staff, candidates and, importantly, our customers in the months ahead”.
Peoplebank had consolidated group net sales of A$521.99 million ($429.45 million) and consolidated EBITDA of A$14.17 million ($11.66 million) for the fiscal year ended June 2014, according to Recruit Holdings’ statement. It was founded in 2007 and operates in Hong Kong, Malaysia, Singapore and Indonesia.

Navis exits Australia’s Peoplebank for $56.6m

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Navis exits Australia’s Peoplebank for $56.6m

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