First Advantage Acquires R E Austin Ltd. - U.K. Purchase Continues International Growth Strategy
|February 5, 2007|
ST. PETERSBURG, Fla., -- First Advantage Corporation (Nasdaq: FADV) has acquired R E Austin Ltd., an employment screening company based in Colchester, United Kingdom, outside of London. This purchase further expands the company's international market share by establishing an immediate and significant presence in the U.K. background screening market and improves the company's ability to service clients with operations in Europe.
R E Austin Ltd. was founded 20 years ago by Managing Director Ron Austin and focuses on financial services companies that are based or operate offices in the U.K. Since London is the main center for banking, investment management and insurance businesses in Europe, and for much of the world, R E Austin Ltd. is well positioned to serve the needs of employers in those markets. Today it is one of the largest background screening companies in the country, with 70 employees and an estimated 25 percent share of the local financial services market. The company also serves clients in the information technology, telecommunications and other industries.
Hiring activity in the financial services industry in London and other parts of the U.K. and Europe has been brisk, leading to the rapid growth of R E Austin Ltd. in recent years.
"R E Austin is an established company that is growing, well run and profitable and has an experienced staff as well as a loyal customer base," said First Advantage Chief Executive Officer John Long. "Acquiring the company is an important step in our international expansion strategy, and First Advantage is committed to achieving market leadership in Europe as we already have done in Asia. We are pleased to welcome R E Austin employees and customers to First Advantage."
"It gives me great pleasure to join such a highly regarded company," said Austin, who plans to remain active in the business. "Our affiliation with First Advantage will present many opportunities to leverage its multinational presence and breadth of services for employers, further accelerating our local growth. We are also excited about the opportunity to provide enhanced service to existing First Advantage customers with a presence in Europe."
Source: First Advantage Corporation