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KKR asset makes add-on acquisiton

Japanese recruitment services provider Intelligence has acquired Hong Kong-based Staff Management Consultancy for an undisclosed amount.

Kohlberg Kravis Roberts-backed Japanese staffing agency Intelligence has acquired a 69.5 percent stake in Hong Kong-based Staff Management Consultancy (SMC) and its group company Anchor HRM Consulting for an undisclosed amount.

Founded in 1993, SMC provides human resources management services in Hong Kong and China. According to a statement, SMC would be renamed Intelligence SMC Consulting following the deal.

Intelligence is KKR’s first buyout transaction in Japan and second deal overall. The US firm paid approximately $350 million in June last year to buy the recruitment services unit of Usen Corp, a Japanese media content provider. KKR reportedly outbid other private equity firms such as The Carlyle Group and Advantage Partners.

Intelligence provides integrated recruitment consulting services, temporary employment classified ad information services and maintains a careers website for full time career service offerings.

In January this year, KKR was reportedly divesting from its first Japanese investment – consumer credit firm Orient Corporation – which it made in April 2007. Media reports suggested the firm and Morgan Stanley were selling ¥30 billion (€275.1 million; $366.8 million) of shares in the company to Mizuho Financial Group.

It was unclear how many shares KKR and Morgan Stanley still own in the company as neither could be reached for comment.