Smith, Gambrell & Russell Represents The Adecco Group in Agreement to Sell Soliant Health to Olympus Partners for $612 Million

Press Release

November 6, 2019

2019-Scroller-Adecco-Schwartz

ATLANTA (November 6, 2019) – Smith, Gambrell & Russell, LLP (SGR) is pleased to announce the firm served as legal counsel to firm client, The Adecco Group, in connection with its definitive agreement to sell Soliant Health, its U.S. healthcare staffing business, to Olympus Partners for $612 million. The transaction is subject to customary closing conditions and is expected to be completed by the first quarter of 2020. The sale is part of The Adecco Group’s strategy to concentrate on globally scalable brands and digital solutions.

Soliant Health experienced strong growth as part of The Adecco Group, generating revenue of $344 million in the 12-month period that ended June 30, 2019. However, with limited scope to expand outside the U.S., the sale to private equity firm, Olympus Partners, will provide additional growth potential for Soliant Health. The healthcare staffing company will join Vaco, a global talent solutions firm, which was acquired by Olympus Partners in 2017.

The SGR legal team included Partners Jay Schwartz, Eric Mandus, Julie Sebastian, and Nicholas Rueter, along with Associates Nicholas Flint and Michael Tyner, Jr. in the Atlanta Mergers and Acquisitions Practice. Partner Tom Hong and Associate Jonathan Hurt, also of the Atlanta Mergers and Acquisitions Practice, handled the Hart-Scott-Rodino filings. Partner Joseph Mandarino of SGR’s Atlanta Tax Practice and Partner Brandon Sherlinski of the Jacksonville Employee Benefits and Executive Compensation Practice assisted.

About The Adecco Group
The Adecco Group is the world’s leading HR solutions partner. We provide more than 700,000 people with permanent and flexible employment every day. With more than 34,000 employees in 60 countries, we transform the world of work one job at a time. Our colleagues serve more than 100,000 organisations with the talent, HR services and cutting-edge technology they need to succeed in an ever-changing global economy. As a Fortune Global 500 company, we lead by example, creating shared value that meets social needs while driving business innovation. Our culture of inclusivity, fairness and teamwork empowers individuals and organisations, fuels economies, and builds better societies. These values resonate with our employees, who voted us in the top five on the Great Place to Work^® – World’s Best Workplaces 2018 list, for the second year running. We make the future work for everyone.

The Adecco Group is based in Zurich, Switzerland. Adecco Group AG is registered in Switzerland (lSlN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). The group is powered by nine lead brands: Adecco, Adia, Badenoch & Clark, General Assembly, Lee Hecht Harrison, Modis, Pontoon, Spring Professional and YOSS. For more information about The Adecco Group, please visit www.adeccogroup.com.

About Smith, Gambrell & Russell, LLP
SGR is a full service, international law firm that advises regional, national and global businesses on a wide range of legal matters. The firm’s 250 attorneys provide legal counsel in more than 45 specialized practice areas, including aviation, corporate transactions, litigation, intellectual property, banking, real estate, construction, employment law, and employee benefits and executive compensation. Founded in 1893, SGR has offices in Atlanta; Austin; Jacksonville; London; Los Angeles; Miami; Munich; New York; Southampton, U.K; and Washington, D.C.