Heidrick & Struggles buys London recruitment firm
Heidrick made the purchase one month after announcing it was shedding 13% of its workforce worldwide, including more than 20 people in the UK, because of weak economic conditions.
SHP Associates has 15 consultants working in technology, finance and financial services, at middle and senior management level. Heidrick said the purchase complemented its existing
executive search business, which targets people at more senior level.
Heidrick added that the deal was part of wider plans to expand its search business for emerging leadership talent in Europe "at critical levels where we have not operated before," using online as well as traditional media.
SHP Associates described itself as a 'sister site' of the search firm Sainty, Hird and Partners. It was owned by members of staff of both firms. Revenues in 2000 at SHP Associates were 5 million (€8 million), Heidrick said.
Last year Heidrick came close to buying the London-based boutique search firm Baines Gwinner, but the plan fell through. Baines Gwinner handles assignments at a higher level than SHP Associates.
The share price of Heidrick, like that of many recruiters, has tumbled because of a slowdown in hiring. It is currently $22 in New York, down from $70 a year ago.
