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Temp Holdings And Intelligence To Partner Following Share Purchase From KKR

Temp Holdings, Co. Ltd. (“Temp Holdings”) and Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR") today announced the signing of a definitive agreement under which Temp Holdings will acquire all outstanding shares of Intelligence Holdings, Ltd. (“Intelligence”) from KKR and the management and employees of Intelligence, for an enterprise value 1 of JPY68.0 billion (US$716 million), representing an equity value of approximately JPY 51.0 billion (US$537million).

Temp Holdings is one of Japan’s largest comprehensive recruitment services companies and has actively expanded its business in Asia. Intelligence is also a leading comprehensive recruitment services provider in Japan, operating multiple business lines including permanent job placement, job advertising media, temporary staffing and outsourcing. Together, Temp Holdings and Intelligence can meet evolving market needs and provide companies and job-seekers with a comprehensive range of high-quality HR services.

Ms. Yoshiko Shinohara, Chairman, President and Representative Director of Temp Holdings, said, “Under the leadership of CEO Takahashi, Intelligence has grown rapidly as a comprehensive recruitment services provider. In particular, by fully utilizing the skills and expertise of KKR over the past few years, Intelligence has achieved a large improvement in the performance and profitability of each of its businesses and significantly strengthened its position in the recruitment services business. We believe labor flexibility and mobility will be an important part of improving the competitiveness of Japanese companies and through this partnership we aim to support our customers’ sustained growth by stimulating inter-industry labor mobility, provide stable employment opportunities to jobseekers, and thereby contribute to job creation and better serve our customers.”

Intelligence President and CEO, Mr. Hirotoshi Takahashi said, “By joining together with Temp Holdings we are creating a group that aims to be a new leader in the HR solutions business in Japan and Asia. We are honored to become a part of that team.” Mr. Takahashi added, “Our partnership with KKR has been a great learning experience for me and for staff at all levels of Intelligence. Together, we have achieved real operational improvement and sustained growth. KKR and KKR Capstone teams provided valuable ideas, strategic direction and operational resources that have fundamentally enhanced our management effectiveness and operational efficiency. We are now much better positioned to utilize that experience to develop further, in partnership with Temp Holdings.”

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