Ross Human Directions

Background

Ross Human Directions (the �Company�), 45% owned by Julia Ross, was an ASX listed provider of recruitment, consulting and payroll services. In FY10 the business achieved sales of ~$400 million and EBITDA of approximately $12 million.

333 Capital was selected to advise the Company on its sale process in July 2010, based on 333 Capital�s:

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• understanding of the Australian recruiting market including likely buyers
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• long and close relationship with the Company�s Board
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• proven expertise in achieving superior outcomes in mid cap MA transactions.
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How we helped

333 Capital ran a comprehensive international sale process including:

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• identifying credible potential buyers, engaging in discussions and negotiations to extract a superior price
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• structuring the deal
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• developing and managing the deal strategy and tactics
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• providing the infrastructure and support to facilitate due diligence including running the data room and all aspects of QA
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• advising the Board on and undertaking deal negotiations.
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Result

The process led to a successful sale of the Company, via an off-market takeover bid, to Chandler Macleod for approximately $70 million. The price equated to a circa 95% premium to the last traded share price prior to the deal announcement and followed a competitive process with a number of intervening complexities including a third party shareholder who took a blocking stake, a Takeover Panel referral and a \'last minute\' interloper.