PeopleIN to divest Techforce Personnel

• Divestment of 79.3% stake in Techforce Personnel for $23.5 million
• Over 100% return on investment over 4 years
• Divestment strengthens PeopleIN's financial position, with net debt projected to fall to 1.1x
• Capital to be deployed for accretive acquisitions

PeopleIN Limited (ASX: PPE) has announced that it has entered into a binding agreement to divest its 79.3% stake in Techforce Personnel Pty Ltd for $23.5 million. This divestment demonstrates PeopleIN's capability to acquire, grow and optimise assets. Since acquiring its stake in Techforce over four years ago, PeopleIN has almost doubled its earnings. The transaction has been strategically timed at a high point, realising a more than 100% return on investment over the four years of ownership and at a higher multiple than the overall PeopleIN group. The divestment is projected to strengthen the company's financial structure with net debt projected to fall to 1.1x on completion. The strong balance sheet will enable PeopleIN to accelerate its strategic plan to pursue accretive acquisitions. PeopleIN will focus on high-growth opportunities, reinforcing PeopleIN's path toward achieving its goal to be the largest and most efficient workforce solutions business in Australia. PeopleIN is well-positioned to promptly integrate acquired businesses and drive substantial organic growth through cross-selling and cost synergies.

The divestment is projected to strengthen PeopleIN's financial structure with net debt projected to fall to 1.1x on completion.

PeopleIN will focus on high-growth opportunities, reinforcing PeopleIN's path toward achieving its goal to be the largest and most efficient workforce solutions business in Australia. PeopleIN is well-positioned to promptly integrate acquired businesses and drive substantial organic growth through cross-selling and cost synergies.