“We’ve talked to various foreign companies, and finally we have agreed to accept Gi Group’s bid. The Italian-based group bought the majority stake and the amount was calculated as profit multiple. A very good multiple”, Charlie Crocker, CEO of BMR told Wall-Street. The head of BMR refused to disclose the size of the deal and the stake involved in the deal.
BMR is a family business established in 1999, headed so far by Charlie and Samantha Crocker. Until 2006, the joint-stock company was held by various shareholders from UK, and fully acquired afterwards by Crocker family.
The move is part of BMR’s strategic plan, the new partner following to invest in the further development of the company. “We’ve decided to sell the majority stake because we needed financing to help us grow stronger even when things are getting stormy. Gi Group will invest in the growth of BMR across the country”, said Crocker. Currently the company’s network includes branches in Bucharest, Cluj, Timisoara and Oradea.
BMR posted a turnover of nearly 2.5 million euros in 2008, up 25% from a year earlier, but below initial forecasts of 3 million euros. “We failed to reach a turnover of 3 million euros in 2008, due to the weak conditions of the recruitment market. It was impossible for us to remain immune to crisis” said Crocker, without disclosing the last year’s profit.
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