Kelly Services (KELYA) – Selling International Staffing Business

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Friday, November 03, 2023

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit and let us help with what’s next for you.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Selling A Piece. Kelly Services is selling its European Staffing Business to Gi Group Holdings S.P.A. The sale is for cash consideration of €100 million (about $106 million at current exchange rates) with a €30 million earnout based on a multiple of adjusted 2023 EBITDA and payable in 2Q24. The transaction is expected to close in 1Q24.

But Not All. The deal includes Kelly’s European Staffing business across 14 European countries. Notably, Kelly will maintain its global footprint and continue to provide higher margin, higher growth potential MSP, RPO, and FSP solutions to customers in the EMEA region through KellyOCG. As a leading global vendor-neutral provider of talent supply chain strategies and workforce solutions, KellyOCG leverages a network of 3,000 suppliers – including Gi – spanning 140 countries to connect customers across North America, Asia Pacific, and EMEA with top talent.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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