Companies: HHC   

Headhunter Hexagon Human Capital is paying up to $5.95 million (£3.38 million) for Atlanta-based executive search firm Winchester Group.

Based in the City of London and quoted on AIM, Hexagon, the UK’s leading provider of interim managers, is making the acquisition through its own executive search subsidiary, Oxygen. Steered by chief executive Jonathan Wright, Hexagon – which made £2.8 million pre-tax on £28.7 million turnover in the year to March – says Oxygen needs a US presence to meet its corporate clients’ demands.

Ian Lloyd, head of Oxygen, sees the answer in Winchester, a well-regarded concern that already serves several UK and transatlantic groups and earned £700,000 (£397,600) last year on fees of $3.4 million. He argues, ‘we are now able to serve existing clients in international markets and attract new senior level work that was previously unavailable to us’.

Floated in early 2007 at 165p, Hexagon shares reached 196p before losing ground in a darkening economic environment. They now trade at 103.5p, down 4p this morning, valuing the company at £19.4 million.

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Hexagon Human Capital	AIM	£12.96m	66.50p	-3.00p
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