Monster Worldwide, owner of the Monster.com career and recruitment website, has sold its stake in TPM Worldwide Advertising and Communications to private equity firm Veronis Suhler Stevenson in order to focus on its core business.
Likewise, TPM, now independent from the rest of Monster, will be able to focus completely on its business of recruitment advertising. As per the $45 million deal, Veronis gets all of TPM’s advertising and communications business in the U.S. and Canada, which marks the end of Monster’s involvement in the recruitment advertising agency business.
“TMP Worldwide Advertising & Communications played a key role in driving Monster’s early growth by encouraging its clients to leverage the power and efficiency of the Internet and thereby contributed to the broader secular shift to online recruitment,” said Monster Worldwide CEO Andrew J. McKelvey in a statement. “The sale of our business in North America is consistent with the earlier divestments of our TMP Worldwide Advertising & Communications businesses in Europe and the Asia Pacific region.”
Monster will continue to focus on online recruiting and diversifying the number of web properties it operates.