UK recruitment company Rethink has bought Berkley Recruitment in a deal worth up to €6.7 million.

Rethink will pay an initial sum of just under €2.7 million, with the remaining €4.1 million paid depending on the aggregate earnings before interest, tax, depreciation and amortisation achieved by the company in the year ending December 31st, 2011.

Last year, Berkley reported turnover of €5.6 million.

Under the deal, senior management in Berkley will get a 7.85 per cent interest in Rethink, following the payment of the initial consideration. Berkley’s current managing director Fergal Brosnan will be managing director of Europe for the Berkley Group, while Stephen Greenwood will become chief of Asian operations for the Rethink Group.

Berkley employs 30 people and specialises in providing resourcing and outsourcing services to the pharmaceutical and life sciences, technology and commercial recruitment sectors. It also offers recruitment services including contract and permanent professionals, interim and executive search, and the provision of recruitment processing outsourcing and managed service solutions.

Rethink chief executive Jon Butterfield said the acquisition marked a “significant step” in its growth strategy, and would increase both its geographic coverage and presence in recruitment markets.

“Berkley operates in markets that complement the existing Rethink operations and has a presence in sectors we have identified as offering exciting opportunities,” he said.

Mr Brosnan said the merger would see Berkley expand its reach in markets such as the UK and the Middle East.

“This is a merger of people, processes and businesses and both Steve Greenwood and myself are extremely positive about the strategic fit and alignment with the Berkley brand,” he said.