On Assignment acquires Valesta

On Assignment, Inc. (NASDAQ: ASGN) announced today it has closed its acquisition of Valesta, a privately owned provider of specialized staffing in the area of clinical research within Western Europe. This acquisition close follows the Letter of Intent executed and announced on December 22, 2010, and the SPA announced on February 23, 2011.

“Valesta will not only enhance our service offering in a very attractive end market within Life Sciences, but it will also expand our international footprint”

As previously reported, the consideration for the transaction is €12.8 million with a three year earn-out opportunity of up to €5.2 million. On Assignment utilized a combination of cash on-hand and borrowing under its senior credit facility. The acquisition is expected to be accretive to On Assignment's gross margins, EBITDA, and EPS in 2011.

Valesta is headquartered in Mechelen, Belgium, with branch offices in Spain and The Netherlands. The company is focused on positions in the pharmaceutical, biotech, and medical device industries as well as at CRO's (contract research organizations). The founders of Valesta will remain with On Assignment and lead operations of Valesta. Both will report to Emmett McGrath, President of Life Sciences and Allied Healthcare.

"Valesta will not only enhance our service offering in a very attractive end market within Life Sciences, but it will also expand our international footprint," stated Peter Dameris, President and CEO of On Assignment, Inc.

"On Assignment is focused on our growth strategy to reach one billion dollars in revenue over the next five years. The acquisition of Valesta positions us well to continue toward our revenue and profitability goals," continued Dameris.