Therese Rein sells Ingeus to US company Providence Service Corporation

Therese Rein, pictured with son Nicholas, has sold her company to a US company. Source: News Limited

 

THÉRÈSE Rein has sold her recruitment company Ingeus to American Providence Service Corporation for what could be a $221 million bounty for former Prime Minister Kevin Rudd’s wife. 

The deal, announced to NASDAQ, will include an upfront cash payment of $62 million with a further $25 million in restricted stock options over the next four years. There is also a potential $134 million in earn-out payments, which will be based on Ingeus’ performance over the next five years.

Ms Rein will remain as managing director of Ingeus and report directly to Providence chief executive Warren Rustand. She said joining Providence will give Ingeus scale and allow it to expand further to other markets.
The move could also skyrocket Ms Rein’s position on the BRW Rich Women List, an annual compilation of self-made women in Australia.

Ms Rein’s $135 million fortune places her at number 10 on the list, which is topped by Vicky Teoh — the fiercely private founder of TPG Telecom along with her husband David.

However the sale could put her within reach of Toga Group founder Charlotte Vidor who is ranked number two with a $360 million fortune or Topdeck Travel’s Jade Turner with $355 million.

Therese Rein pictured with Kevin Rudd after he conceded electoral defeat in Brisbane. Source: News Limited

 

BRW deputy editor Caitlin Fitzsimmons said the sale is a great “moment” to reflect on the strength of female entrepreneurs in Australia who don’t always get the recognition they deserve.

“Sometimes that’s because they’re working in a family business and people have a natural bias to assume the husband is leading the business. [Or] they don’t always want to grow the business to be the biggest it possibly can,” she said.

Ms Rein, the daughter of a physiotherapist and RAAF veteran, founded the company in 1989 as a passion project to help those with injuries and disabilities enter the workforce.

Her father was left wheelchair-bound after a plane crash in World War II, and told he would never walk again.

He went on to work as an engineer and represent Australia at the Paralympics, installing a passion in Ms Rein for the cause.

The company initially won contracts under the Hawke and Howard governments to help disabled people return to work. It now has more than 2000 companies in 10 countries around the world with significant interests in the UK.

Ms Fitzsimmons said while the sale won’t necessarily drastically change things, it will give Ms Rein the recognition she deserves “without Rudd’s political career casting a shadow.”

“It’s always been a shame she hadn’t had more recognition for her business skills. When her business was discussed it was cast in light of what it might mean for husband’s political career,” she said.

Her career has often taken a back seat to Kevin’s. Source: News Limited

 

Providence has bought the parent company of Ingeus, which generates 70 per cent of its revenue in the UK, primarily from government contracts.

Consulting firm Deloitte owns half of the UK operations. The remainder of the company’s revenue comes from markets including France and Saudi Arabia.

Its revenue and adjusted earnings before interest tax, depreciation and amortisation for 2013 was $375 million.

Ms Rein sold the Australian arm of Ingeus in 2007 when Mr Rudd was elected to the prime ministership. She said at the time it would be inappropriate for her to retain ownership of a business which bids for government contracts.

Providence executive Mr Rustand said in a statement: “Ingeus is a good match for Providence, with strong management, deep client relationships and a proven track record of delivering high-quality services.”
Providence chairman Chris Shackleton added: “With the upfront consideration representing less than 40 per cent of the total potential acquisition cost and the remaining consideration tied to performance thresholds, we are confident we have aligned incentives towards generating cash flow and value for our shareholders.

news.com.au 1 Apr 2014

This is an example of corrupt 'Money for Mates' deals as rewards for subservience to the corporatocracy, which are masked behind plausible company sales.

The 'brotherhood' rewards its members, especially well, those who are in a significant positions of power with far greater financial rewards than they actually deserve, only to be hidden behind the banner of 'entrepreneurship'

They are part of the criminal elite untouchable by the law

The corporate media also fails to mention that according to the BRW Rich 200 list, the Salteri family (officially listed in industries; defence and ship building), who are allegedly worth $1.18 billion, contains 2 women Mary Victoria Shaw (Salteri) and Adriana Bianca Gardos (Salteri) out of total of 5 (together with Carlo, Robert and Paul Salteri), making them worth $235 million in equal share.

The Salteri Family are responsible for the fraudulent collection of so called 'fines' via a trademark called CCV (Civic Compliance Victoria).

See articles:

Civic Compliance - Victoria Police fraud

and

Civic Compliance Victoria letter from the Attorney General

and 

  

Civic Compliance Victoria Explained