Recruit acquires remaining shares in Bo Le Associates, Asia's largest executive search company, making it a wholly owned subsidiary

Apr. 26, 2013
Recruit Holdings Co., Ltd.

RGF Hong Kong Limited (Headquarters: Hong Kong; President: Takashi Kuzuhara), a wholly owned subsidiary of Recruit Holdings Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Masumi Minegishi) ("Recruit"), has acquired additional shares of Bo Le Associates Group Limited ("Bo Le"), Asia's largest executive search company. With this share acquisition, Bo Le becomes a wholly owned subsidiary of RGF Hong Kong Limited. Details are provided below.

1. Purpose of the share acquisition

Recruit has been developing its services and operations with the aim of becoming the "No. 1 global integrated HR service provider," offering a full line-up of services (permanent placement including executive search and selection, staffing, and online HR) catered to both employers and job seekers globally and providing a wide variety of employment opportunities to users worldwide.

In 2007, Recruit launched its first international HR service, mainly for introducing job candidates to Japanese companies, under the RGF HR Agent brand. That brand has expanded and currently has operations in China, Hong Kong, Singapore, India, and Vietnam. On September 6, 2010, Recruit acquired 14.3% of the shares of Bo Le, the largest executive search firm in Asia with offices in 11 cities in greater China along with 7 cities in Southeast Asia.

Recruit acquired the remaining shares of Bo Le to strengthen its presence in Asia by combining Bo Le's assets - large, experienced, and stable staff; deep client relationships covering both multinationals and major local conglomerates; leading market positions in key growth markets, including China, Vietnam, and Indonesia; and an extensive database of job seekers - with Recruit's own expertise in permanent placement and leading market position in Japan.

Bo Le has 17 years of experience placing English-speaking and local-language-speaking staff with multinational companies. A wide range of services are provided, including executive search for senior management under the Bo Le brand and selection services for middle and junior managers to regular staff under the BRecruit brand.

By bringing together the assets of Bo? Le? and the extensive know-how of the Recruit Group, Recruit aims to provide high-quality placement services in tune with the needs of both clients and job seekers. In that way, we hope to bring the message of "Meet Your Opportunity" to as many people as possible.

2. Overview of Bo Le

(1) Name Bo Le Associates Group Limited
(2) Representative Louisa Wong Wai-Yee
(3) Headquarters Unit 1201, Aon China Building, 29 Queen's Road, Central, Hong Kong
(4) Main Business Executive search and selection services
(5) No. of Employees More than 550

3. Overview of the Recruit Group

(1) Founded March 31, 1960 (Established August 26, 1963)
(2) Representative Masumi Minegishi
(3) Headquarters 1-9-2 Marunouchi, Chiyoda-ku, Tokyo
(4) Capital 3,002.64 million yen
(5) Main business Information Service/Permanent Placement/Staffing
(6) No. of Employees 22,368 (as of March 31, 2012)
(7) No. of Consolidated Subsidiaries 108 (as of October 1, 2012)
(8) Consolidated Sales 806,661 million yen (April 1, 2011 - March 31, 2012)
(9) Consolidated Ordinary Income 117,617 million yen (April 1, 2011 - March 31, 2012)

Appendix: Recruit Group's international development in the HR area

BusinessBrandOperating Area
Permanent Placement RGF HR Agent China/Hong Kong/Singapore/India/Vietnam
RGF Executive Search Singapore/India/Vietnam/Hong Kong
Bo Le 9 cities in China; Hong Kong; Taiwan; 7 cities in Southeast Asia
BRecruit 9 cities in China; 2 cities in Indonesia
Staffing CSI U.S.
Advantage Resourcing U.S., UK, Australia
Online HR 51job
(equity-method affiliate)
indeed More than 50 countries worldwide
For details of this matter, please check the following: