AWF, blue collar workforce specialist, buys Madison for up to $36M; shares climb

Tue, 01 Oct 2013

By Tina Morrison Oct. 2 (BusinessDesk) – AWF Group shares rose to the highest in more than two months after New Zealand’s largest provider of temporary staff agreed to buy Madison Group for as much as $36 million to add recruitment of professionals to its core business of recruiting labourers. Shares in AWF jumped as much as 9.2 percent to $3.20 and recently traded up 2.4 percent at $3. Madison had sales of more than $56 million in the year ended March 31, compared with AWF’s revenues of $131 million. AWF wants to bolster earnings by diversi...

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