BRITISH RECRUITMENT company Rethink has bought Berkley Recruitment in a deal worth up to €6.7 million.

Rethink will pay an initial sum of just under €2.7 million, with the remaining €4.1 million paid depending on the aggregate earnings before interest, tax, depreciation and amortisation achieved by the company this year.

Last year, Berkley reported turnover of €5.6 million.

Under the deal, senior management in Berkley will get an initial 7.85 per cent interest in Rethink, a figure that may rise depending on the final purchase price.

Berkley’s current managing director Fergal Brosnan will be managing director of Europe for the Berkley Group, while Stephen Greenwood will become chief of Asian operations for the Rethink Group.

Berkley employs 30 people and specialises in providing resourcing and outsourcing services to the pharmaceutical and life sciences, technology and commercial recruitment sectors. It also offers recruitment services including contract and permanent professionals, interim and executive search and the provision of recruitment processing outsourcing and managed service solutions.

Rethink chief executive Jon Butterfield said the acquisition marked a “significant step” in its growth strategy and would increase both its geographic coverage and presence in recruitment markets.

Mr Brosnan said the merger would see Berkley expand its reach in markets such as Britain and the Middle East.