Recruiting network acquires East Coast reach
A recruiting network with a global reach is expanding its presence on the East Coast through an acquisition.
NPAworldwide Recruitment Network in Grand Rapids said last week that is has acquired Virginia Beach, Va.-based National Banking Network, or NBN, with the purchase of all outstanding shares of NBN.
Terms of the deal were not disclosed.
NPAworldwide said the acquisition is expected to increase its revenues by more than 20 percent.
NPAworldwide is adding approximately 15 percent more locations to its network by connecting with more than 50 NBN member recruitment agencies, including the two NBN-operated recruiting networks: the Accounting Career Network and the Banking & Financial Services Career Network.
NBN will continue to run independently of NPAworldwide until the networks are transitioned into one organization.
Jeff McGraw, chairman of NPAworldwide, said the blending of the two organizations will take time due to their different business models, despite the similar values held by the networks.
“The NPAworldwide member-ownership model will need to be blended with a strong and effective privately owned model that NBN has mastered,” McGraw said. “We intend to take the time needed to understand what NPAworldwide does best and can be shared with NBN, just as NPAworldwide will leverage the best practices established by NBN. We believe the networks will be better together than operating as separate organizations. We are not going to rush into a single solution, but we have a vision for a simple merged membership in the foreseeable future.”
Dave Nerz, president of NPAworldwide, said NBN covers a niche NPAworldwide was traditionally stronger in at one point, and the acquisition will bolster coverage in an area that is primarily U.S. banking focused.
“I think we have very good alignment, with common values and philosophies,” Nerz said. “It is a good opportunity for two organizations that have similar goals to work cooperatively as opposed to separately. It is a win-win for both groups.”
The newly acquired NBN recruiting network, established in 1986, will continue to operate from its headquarters in Virginia and specializes in audit, tax, accounting, banking and financial services.
The former owner of NBN, Bob Cozzens, will act as the NBN advisor to the board of directors at NPAworldwide.
Although Cozzens retired from his daily role as NPAworldwide acquired the Virginia network, the remaining NBN employees will maintain their positions.
The global network of NPAworldwide consists of locations in more than 34 countries throughout North America, Europe, Asia, Australia, Africa and South America.
With approximately 425 member offices, the independent recruiting network, established in 1956, has roughly 1,200 employed consultants.