PeopleIN buys Infrawork in NZD $56 million NZ deal

PeopleIN has completed the acquisition of New Zealand workforce and migration services group Infrawork in a deal worth up to NZD $56 million, expanding the ASX-listed recruiter's presence across the Tasman.

The transaction includes NZD $24 million in upfront cash and up to NZD $32 million in earn-out payments linked to agreed earnings targets. PeopleIN announced the deal to the market on 20 February and completed it a week later.

Infrawork operates across contract labour and migration services. Its businesses include Extrastaff, which supplies skilled labour on a contract basis, and Visahub, a migration services provider. The group also holds an interest in Sky Bourne International, a Manila-based employment agency accredited by the Philippine Overseas Employment Administration.

The acquisition adds a New Zealand platform to PeopleIN's operations, which span recruitment, staffing and related workforce services. It also increases exposure to international worker-sourcing channels tied to construction and trades roles.

Deal structure

The purchase combines upfront cash with earn-out payments, with additional consideration tied to agreed earnings outcomes under terms disclosed to the ASX.

Earn-out structures are common in services acquisitions where future revenue depends on contract wins, labour availability and client demand. They allow the buyer and seller to share some of the near-term performance risk.

Infrawork's mix of labour contracting and migration services reflects broader sector conditions, as employers and labour suppliers face tight labour markets and more complex cross-border hiring. For PeopleIN, the deal adds direct exposure to migration services alongside labour supply.

Cross-border labour

Infrawork's interest in an accredited Manila-based employment agency creates a link to the Philippines, a major source of skilled and semi-skilled labour in the Asia-Pacific. Accreditation by the Philippine Overseas Employment Administration is a recognised requirement for many overseas placements.

PeopleIN said the acquisition aligns with its longer-term growth focus across Australia and New Zealand. It also pointed to growing workforce demand across the region and said the deal would expand its pipeline of skilled construction workers.

Workforce suppliers have faced shifting conditions in recent years as demand has moved across construction, infrastructure and essential services. Employers have also had to navigate recruitment constraints across domestic and international labour pools. As a result, labour providers with direct access to migrant-worker channels and migration services have attracted increased market attention.

Advisers

DLA Piper advised PeopleIN on the acquisition. The legal team was led by partner Reuben Woods, supported by Steph McQuaid, Tayla McEntee, William Britton and Sneha Kant. The wider advisory team included Justin March, Edward Eisdell-Moore, Mark Williamson, Michael Thompson, David Johnston and Pavanie Edirisuriya.

"Congratulations to Tom, Drummond, Adam and the team at PeopleIN on this significant deal. It was our great pleasure to assist PeopleIN on its expansion in the NZ market. M&A deals are a lot easier when you have strong, decisive clients with a clear deal thesis, which was very much the case here," Woods said.

PeopleIN Co-founder and incoming Managing Director Tom Reardon also commented on the advisory work.

"Reuben, Steph and the wider DLA Piper team were fantastic to work with. Their technical excellence, responsiveness, commercial nous and pragmatism made for a smooth ride. It was a pleasure working with the DLA Piper team on this deal," Reardon said.

DLA Piper has ranked highly in global league tables for mergers and acquisitions by deal volume in recent years, according to Mergermarket. It reported advising on more than 1,300 transactions in 2025, with a disclosed aggregate deal value of about USD $97 billion.

The acquisition brings labour contracting, migration services and an Asia-based recruitment channel under one ownership structure, with the final price dependent on earnings during the earn-out period.