AE Industrial Partners continues to adjust the scope of CDI. Sells MRI unit
AE Industrial Partners, which also owns Belcan, continues to adjust the business portfolio of CDI Corp. CDI sold its Management Recruiters International (MRI) business. MRI operates a network (MRINetwork) of ~400 independent staffing agencies. We estimate its revenues to USD 40-50m.
The buyer is an individual named Bert Miller, who is the founder and CEO of Protis Global. Miami-based Protis highlights it is one of MRINetwork’s top ten largest members. M. Miller will become CEO of MRI and surrender his position as Protis CEO.
With this transaction, CDI makes its second divestment in its staffing business. The company sold recently Specialty Talent and Technology Solutions to a US competitor.
In total, we estimate that CDI Corp divested ~USD 100-125m in staffing activities. CDI Corp continues to derive most of its activities from staffing, with revenues representing USD 400-450m.
In parallel, CDI Corp is also changing its portfolio of engineering and IT activities. CDI sold its aerospace unit to Belcan, and acquired earlier this year, most of the US government services activities of Belcan. We estimate the government activities of CDI to USD 150-200m. So far, CDI has retained its business serving clients in energy, chemicals, and infrastructure. We are expecting some changes in this unit, as AE Industrial Partners owns BHI Energy, a technical engineering and staffing unit. In all likelihood, AE Industrial Partners will continue to adjust the scope of its three main staffing and engineering businesses.