Cpl Resources has agreed to acquire 91% of RIG Healthcare Group, a specialist healthcare recruiter in the UK.
RIG Healthcare Group - the trading name of RIG Locums Limited and RIG Medical Recruit Limited - supplies qualified medical professionals to the National Health Service with a particular focus on radiography, occupational therapy, pharmacy and physiotherapy.
Cpl said RIG's existing management team of Affi Khan and Rob Bryan would remain with the business and were co-investing in RIG as part of this transaction.
Cpl also issued a trading update and warned that profit before tax for the year ending 30 June would be slightly lower than current expectations but revenues would be in line with forecasts.
The group said: "We announced our half year results on 26 January 2017 for the six months to 31 December 2016.
"At that time, we reported growth in revenues and profits in the group.
"During the second half, issues relating to Brexit and changes to the US administration have caused some uncertainty and, in turn, delays in our market, affecting some of our services and sector mix.
"These events have been positive for our temp and contractor businesses, but have had a negative impact on permanent placements in some business sectors and markets."
The update continued: "Our strong track record of positive cash generation, gives the Group the flexibility to invest in acquisitions while at the same time maintaining strong capital returns.
"The Group cash reserves post the acquisition consideration are in excess of €28 million."