First Advantage Expands through Acquisitions of U.S.-based Corporate Screening and Mexico-based MultiLatin

Rhea-AI Summary

First Advantage Corporation (NASDAQ: FA) announced its acquisition of Corporate Screening Services and MultiLatin Advisors, enhancing its healthcare and higher education solutions. This transaction aims to augment vertical expertise, product innovation, and international expansion, especially in Latin America. The all-cash deals are expected to close in Q4 2021. Scott Staples, CEO of First Advantage, emphasized the strategic importance of these acquisitions, which will strengthen the company’s offerings and customer base, leveraging the experienced leadership teams from both organizations.

Positive

• Acquisition strengthens healthcare and education solutions.
• Enhances vertical expertise, product innovation, and compliance capabilities.
• Expands international presence in Latin America with local operations.

Negative

• None.

Corporate Screening to Bring Enhanced Vertical Expertise and Technology and MultiLatin to Deliver Increased Latin America Market Share

• Corporate Screening strengthens First Advantage’s healthcare and higher education solutions by adding deep screening, verifications and compliance expertise as well as an attractive customer base, innovative products and tailored solutions for key end markets
• MultiLatin strategically expands First Advantage’s presence in Latin America by adding local screening and verifications operations, compliance and sales and customer success teams, as well as a diverse international and local customer base
• Experienced management teams of both businesses will join First Advantage to help drive continued growth
  

ATLANTA, Nov. 08, 2021 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital, today announced that it has entered into definitive agreements to acquire two screening providers: Corporate Screening Services, Inc., a healthcare and higher education focused screening and compliance solutions provider headquartered in Cleveland, Ohio, and MultiLatin Advisors, S.A. de C.V, a screening and verifications provider based in Mexico City, Mexico. These all-cash transactions are expected to close in the fourth quarter of 2021.

“These acquisitions are aligned with our capital allocation priorities and will provide us with accelerated vertical expertise, product innovation and, in the case of MultiLatin, international expansion,” said Scott Staples, Chief Executive Officer of First Advantage. “In acquiring these organizations with deep expertise in their respective markets, First Advantage will strengthen its healthcare and higher education solution offerings, while strategically expanding its international presence and reach. Both organizations boast experienced leadership teams that will join First Advantage to help drive growth within these markets, and we are excited to bring them onboard.” 

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify, including those described under the “Risk Factors” section in our prospectus, dated June 22, 2021, filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b)(4) of the Securities Act of 1933, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

About First Advantage

First Advantage (NASDAQ: FA) is a leading global provider of technology solutions for screening, verifications, safety, and compliance related to human capital. The Company delivers innovative solutions and insights that help customers manage risk and hire the best talent. Enabled by its proprietary technology platform, First Advantage’s products and solutions help companies protect their brands and provide safer environments for their customers and their most important resources: employees, contractors, contingent workers, tenants, and drivers. Headquartered in Atlanta, Georgia, First Advantage performs screens in over 200 countries and territories on behalf of its more than 30,000 customers. For more information about First Advantage, visit the Company’s website at https://fadv.com/.

Contacts

Investors:
Stephanie D. Gorman
Vice President, Investor Relations
Stephanie.Gorman@fadv.com
(888) 314-9761

Media:
Elisabeth Warrick
Senior Brand Communications Manager
Elisabeth.Warrick@fadv.com
(888) 314-9761

FAQ

What are the details of First Advantage's acquisitions?

First Advantage is acquiring Corporate Screening Services and MultiLatin Advisors to enhance its screening solutions and expand its presence in Latin America.

How will the acquisitions impact First Advantage's business?

The acquisitions are expected to strengthen First Advantage's healthcare and education services and provide a diverse customer base.

When are the acquisitions of Corporate Screening and MultiLatin Advisors expected to close?

The all-cash transactions are anticipated to close in the fourth quarter of 2021.

What is the strategic importance of these acquisitions for First Advantage?

These acquisitions will provide enhanced expertise, innovative products, and significant opportunities for international market expansion.