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Staffing + Recruiting H1 2026 Update

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Market Landscape Overview • U.S. staffing revenue only contracted 3% to $178.8B in 2025, a marked improvement from declines of 14% in 2023 and 11% in 2024 • Performance varied by segment, with Executive Search and Education growing while Healthcare and Office / Clerical contracted • Into 2026, staffing hours rose in April and strengthened through May, led by double-digit growth in Industrial Staffing, before slowing in June due to Juneteenth-related closures • Temporary help employment reached 2.5M in June, and employer hiring expectations hit a nearly five-year high • SIA projects a return to growth, with the market reaching $183.1B in 2026 (+2%) and $187.0B in 2027 (+2%) • Activity is expected to improve throughout 2026, with growth forecasted across all segments, led by Industrial (+7%), Life Sciences (+4%), and Executive Search (+4%)

U.S. Staffing Industry Market Size – YoY Change 26% 17% 3%

(3%) (11%) 2019

2020

(14%) 2021

2022

(11%)

2023

2024

2025

2026P

2027P

U.S. staffing hours improved in the first half of 2026, with growth accelerating in April and May. Commercial and Professional hours reached year-to-date highs in May, with Industrial Staffing leading the gains, posting double-digit year-over-year growth in late April and May.

Bullhorn Indicator Values – U.S. Staffing

2023 Note: 1. Market data as of 6/20/2026

Sources: SIA, Bullhorn, Bureau of Labor Statistics

2024

2025

2026

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

M&A State of Play + Outlook Deal Activity + Seller Engagement • H1 2026 deal volume was broadly flat year over year, although Q2 activity declined versus both Q1 2026 and Q2 2025 • This softer reported activity reflects the lag between engagement and completed transactions, rather than weakening underlying demand • Seller confidence is improving, supporting greater willingness to engage with buyers Buyer Demand + Priorities • Buyer appetite has remained relatively consistent, suggesting the softer Q2 deal volume reflects timing and longer execution cycles rather than reduced demand • Acquirers continue to favor Healthcare, Industrial, and Engineering Staffing, where underlying growth drivers remain durable • Buyers are prioritizing revenue and earnings quality, customer base diversification, acyclicality, and technology stack sophistication in diligence Execution + Capital Availability • Scale remains an important consideration – however, buyers may prioritize differentiated capabilities, vertical specialization, and technology enablement where strategic fit is compelling • Transaction timelines remain extended and diligence standards rigorous, reflecting continued selectivity among acquirers • Capital remains available as private equity firms face deployment pressure and strategic buyers pursue M&A as a core growth lever

Staffing + Recruiting M&A Activity – Deal Count by Quarter

63 65 64

63 53

47 36

66 66

Average: ~50 Deals / Quarter

50 45

46 46

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2026 Q2 2026

2019

2020

Sources: PitchBook, SIA, Bullhorn

2021

2022

2023

2024

2025

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Updates and Notable Transactions by Segment IT Staffing • IT Staffing deal activity increased from 3 transactions in Q1 2026 to 8 in Q2 2026 • The U.S. IT Staffing market declined 3% to $37.3B in 2025, as offshoring, AI-assisted coding, and the shift toward solutions-based delivery reduced demand for traditional staffing roles • A modest 2% rebound to $38.1B is forecasted for 2026, as AI and modernization backlogs support flexible, project-based talent demand for traditional staffing roles • Demand is increasingly bifurcated: AI, data and analytics, cloud, architecture, and cybersecurity skills remain sought after, while automation pressures QA, entry-level development, and help desk roles • As demand shifts toward more complex, outcomes-based work, IT Staffing firms are evolving into broader consulting and solutions partners through enhanced delivery capabilities and a more consultative sales approach • M&A activity is increasingly focused on acquiring specialized technical talent, consulting capabilities, and scalable delivery models that support higher-value, solutions-oriented engagements

Acquired by

Healthcare Staffing • Healthcare Staffing deal activity moderated from 10 transactions in Q1 2026 to 7 in Q2 2026 • The U.S. Healthcare Staffing market declined 8% to $38.5B in 2025, as health systems reduced temporary labor utilization and reset rates after the pandemic-era surge; a modest 1% rebound to $39.0B is forecast for 2026, supported by ongoing clinician shortages, an aging workforce, and rising healthcare utilization • Locum Tenens remains the fastest-growing segment and is projected to reach $10.3B in 2026 (+4%), as health systems rely on flexible providers to cover persistent hard-to-fill specialties (emergency medicine, anesthesiology, psychiatry, and primary care) • Staffing providers are responding by expanding specialized talent pools and technology-enabled delivery models that help health systems maintain coverage while improving cost control

Acquired by

Sources: PitchBook, SIA

(Business Operations of Recruit Medical Career)

Received an Investment From

Acquired by

= Indicates a Private Equity platform investment

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Updates and Notable Transactions by Segment (Cont’d) Industrial Staffing • Industrial Staffing deal activity rose to 15 transactions in Q1 2026 before falling to 2 in Q2, with H1 volume broadly consistent with H2 2025 despite quarterly volatility • The U.S. Industrial Staffing market contracted just 1% to $38.2B in 2025, a meaningful improvement from declines of 8% in 2024 and 12% in 2023, as energy projects, new manufacturing plants, and data center construction offset weakness in other end markets • SIA now projects 7% growth in 2026, as demand from manufacturing, logistics, and data centers accelerates and employers increasingly use flexible labor to address workload requirements without committing to permanent headcount • Increased immigration enforcement creates an opportunity for Industrial Staffing firms to help clients maintain workforce availability while navigating employment eligibility and compliance requirements

Acquired by

Other Professional Staffing1 • Education Staffing grew 8% in 2025 and is projected to increase an additional 3% to $4.4B in 2026, as persistent teacher shortages push urban and rural school districts to rely more heavily on staffing firms to fill classroom and support positions – particularly in MI, NJ, FL, and PA • Engineering Staffing grew 0% in 2025 and is projected to accelerate to 3% growth in both 2026 and 2027, as data center and infrastructure investment creates demand for scarce electrical, mechanical, HVAC, power, and telecommunications talent • Life Sciences Staffing returned to growth in 2025, expanding by 2%, and is projected to grow a further 4% to $3.4B in 2026, supported by tariff-driven reshoring for pharmaceutical companies and investment in oncology, cell and gene therapy, and GLP-1s, increasing demand for specialized technical expertise • Marketing / Creative Staffing grew 2% in 2025 – but is expected to slow to 1% growth in both 2026 and 2027, as demand for technology-fluent creative talent is partially offset by the automation of more routine work and increased hiring caution

Received an Investment From

(Class B Shares)

Acquired by

Note: 1. Other Professional Staffing includes Education, Engineering, Life Sciences, Marketing / Creative, and Finance / Accounting Staffing segments 5 Sources: PitchBook, SIA

Acquired by

= Indicates a Private Equity platform investment

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Updates and Notable Transactions by Segment (Cont’d) Executive Search • M&A activity increased quarter over quarter, doubling from 5 transactions in Q1 2026 to 10 in Q2 2026, as buyers pursued specialized sector expertise and broader talent-management capabilities • The U.S. Executive Search market grew 6% to $8.1B in 2025, making it one of the top-performing segments, as elevated C-suite turnover led boards to seek leaders capable of navigating economic uncertainty, operational transformation, and AI disruption • Growth is projected to moderate to 4% in 2026 and 3% in 2027 as executive turnover normalizes from record 2025 levels, when 446 CEOs departed publicly-traded companies • A defining theme of Executive Search M&A in H1 2026 was strategic buyers acquiring niche service providers to gain immediate specialization in high-value verticals rather than building those capabilities organically • Larger transactions are focused on creating end-to-end talent partners: Korn Ferry’s ~$1.1B acquisition of AMS combines Korn Ferry’s executive search and advisory with RPO, contingent workforce, and early-career recruiting capabilities

Acquired by

Received an Investment From

Staffing Software and Solutions • The staffing technology arms race accelerated in 2026 as firms sought faster placements and greater recruiter productivity, shifting investment from standalone AI features toward agentic platforms that automate sourcing, screening, scheduling, engagement, and back-office workflows • Strategic buyers are consolidating specialized talent networks and AI-enabled workflows because combining vetted candidate supply, hiring data, and automation improves matching efficiency and expands platform value – as demonstrated by JobGet / RippleMatch, Toptal / Adeva and QO Collective, HireVue / Hireguide, and VensureHR / Distro • AI adoption is becoming a measurable performance differentiator: top-performing staffing firms are roughly four times more likely to use AI, reinforcing the rationale for continued technology investment and premium valuations for platforms that deliver demonstrable workflow and productivity gains

+ Acquired by

Sources: PitchBook, SIA

Acquired by

= Indicates a Private Equity platform investment

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Public Markets Company Name Commercial Staffing Adecco Group Randstad ManpowerGroup Groupe Crit Kelly Services

Enterprise Value ($B)

TTM EBITDA ($B)

EBITDA Multiple

6.68 6.89 2.89 0.52 0.62

Professional Staffing Everforth Robert Half Kforce RCM Technologies Resources Connection Mastech Digital

0.98 1.13 0.43 0.15 0.09 Median

6.8x 6.1x 6.8x 3.4x 6.6x 6.6x

2.05 3.11 0.94 0.23 0.09 0.06

Healthcare Staffing AMN Healthcare Services

0.36 0.27 0.06 0.03 0.02 0.01 Median

5.6x 11.5x 16.8x 7.5x 4.3x 6.0x 6.8x

1.47

Executive + Retained Search Korn Ferry

0.31 Median

4.8x 4.8x

2.85

0.51 Median

5.6x 5.6x

Year-Over-Year Median TTM EBITDA Multiples 6.5x 6.6x

7.8x 6.8x

Commercial Professional 6/30/2025

6.1x 4.8x

Healthcare 6/30/2026

7.2x

Quarter-Over-Quarter Median TTM EBITDA Multiples 5.6x

5.6x 6.6x

Executive Search

6.5x 6.8x

Commercial Professional 3/31/2026

7.1x

4.8x

5.7x 5.6x

Healthcare

Executive Search

6/30/2026

Public market performance has diverged since the 2021–2022 peak: Executive Search has consistently outperformed, while Commercial, Professional, and Healthcare Staffing have experienced several years of volatility, though performance has recently shown signs of stabilization

Historical Index Performance

2019

2020 Executive Search

2021

2022

2023

Commercial Staffing

Professional Staffing

Note: 1. Market data as of 6/30/2026

Sources: PitchBook, Refinitiv Indices based on equal-weighted prices Reflects companies listed in public comparables

2024

2025

2026

Healthcare Staffing

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Staffing + Recruiting H1 2026 Transactions STAFFING + RECRUITING Deal Date

Company Name

Acquirer (Backer)

Deal Size EBITDA ($M) ($M)

EBITDA Multiple

Jun-26

AMS

Korn Ferry

1,100

n/a

Jun-26

Benson Executive Search

Buffkin / Baker

n/a

Jun-26

NøkkelPersonell

Calviks

3.3

n/a

Jun-26

Undisclosed Logistics Labor-Hire Book

Ashley Services Group

n/a

Jun-26

Lateral Labs

Riviera Partners

n/a

Jun-26

Novadia

Welten

n/a

Jun-26

Aarstad & Bjørnhaug

Calviks

4.7

n/a

Jun-26

Glue Executive Search

Stanton Chase

n/a

Jun-26

Intel2Talent

GlassRatner

n/a

Jun-26

Quest Locum Tenens

VeloSource

n/a

Jun-26

Fortium

ZRG

n/a

Jun-26

Entegee (division of Adecco Group's Akkodis) Red Dog Equity

n/a

Jun-26

Randolph Associates

Connexion Systems and Engineering

n/a

Jun-26

Dr. Bjørn Johansson Associates

Spencer Stuart

n/a

Jun-26

Federal Staffing Resources (division of Epic Staffing)

International SOS Government Medical Services

n/a

Jun-26

VikarKompaniet

Calviks

2.2

n/a

Jun-26

GreenSight Executive Search

Boyden

n/a

Jun-26

INNIO Holding

Ramssol Group

n/a

Jun-26

Agensi Pekerjaan INNIO

Ramssol Group

n/a

Jun-26

Protech

Proman

n/a

Jun-26

Eureka Labs

Jobsity

n/a

Jun-26

CC Pace Systems

Mitchell Martin

n/a

May-26

OpenTrust Consulting

Auctus

n/a

Sources: PitchBook, SIA

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Staffing + Recruiting H1 2026 Transactions (Cont’d) STAFFING + RECRUITING Deal Date

Company Name

Acquirer (Backer)

Deal Size EBITDA ($M) ($M)

EBITDA Multiple

May-26

Uitzendbureau Salland

Matchworks

n/a

May-26

Randstad Digital Technology and Consulting (Europe / Australia Businesses)

LTM Group

187.0

n/a

May-26

SynergisticIT

LanceSoft

n/a

May-26

Sterling Martin Associates

ZRG

n/a

May-26

Choice Teachers

Operam Education Group

n/a

May-26

Cross Country Healthcare

Knox Lane

437.0

n/a

May-26

ChampionScott Partners

Silvester & Company

n/a

Apr-26

Clarke Bridges Resourcing

C&P Recruitment

n/a

Apr-26

Farenta

Apteam

n/a

Apr-26

SnapCare + connectRN

Merger

n/a

Apr-26

VACE Group

I.K. Hofmann

n/a

Apr-26

Skillhouse Staffing Solutions

Mark Smith

1.3

n/a

Apr-26

Selected assets of Quest Personnel

Talent Acquisition Group

n/a

Apr-26

Rite People

Meraki Capital

n/a

Apr-26

Trak Group

Riley Decker Companies

n/a

Apr-26

CareerForces

VGC

n/a

Apr-26

Icon Consulting Group

Dirbato

n/a

Apr-26

Howard Fischer Associates

ZRG

n/a

Apr-26

Volarify

AMSYS

n/a

Apr-26

Halian

NES Fircroft

n/a

Apr-26

StaffHealth

Optigy

n/a

Sources: PitchBook, SIA

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Staffing + Recruiting H1 2026 Transactions (Cont’d) STAFFING + RECRUITING Deal Date

Company Name

Acquirer (Backer)

Deal Size EBITDA ($M) ($M)

EBITDA Multiple

Mar-26

Recruit Medical Career (sub. of Recruit Holdings)

Medley

n/a

Mar-26

Logisolve

V-Soft Consulting

n/a

Mar-26

Metric Search

Southfield Capital

100.0

n/a

Mar-26

Kenonz

Nobel Capital Partners

n/a

Mar-26

TBC Recruitment

Meraki Capital

n/a

Mar-26

The Recruitment Group

Management Buyout

n/a

Mar-26

Agilus Work Solutions

Synergie

n/a

Mar-26

Her Scout

Jobplex

n/a

Mar-26

The Temp Construction

Ascend Staffing

n/a

Mar-26

SP Newco

Calviks

1.1

n/a

Mar-26

Bemex

Calviks

2.0

n/a

Mar-26

Just Logic

BTT Multimodal Container Solutions

n/a

Mar-26

Zemlock Heavy Industrial Staffing Services

Turner Staffing Group

n/a

Mar-26

Pitisci & Associates

NextPath Career Partners

n/a

Mar-26

Perfusion Life

Integration Health

n/a

Mar-26

Point Solutions Group

DHI Group

5.5

n/a

Mar-26

Mestel & Company

Elevate

n/a

Mar-26

Solutions Driven

Groupe Adéquat

n/a

Feb-26

Wise Recruitment

Meraki Capital

n/a

Feb-26

Olpla

Fines

n/a

Feb-26

Nexil

Fines

n/a

Feb-26

Smart Recruitment

Meraki Capital

n/a

Feb-26

Valtus

Polaris

n/a

Feb-26

Entry Inc

Fullcast Holdings

6.7

n/a

Feb-26

Klemme Personal

Mistertemp' Group

n/a

Feb-26

TW Industrie

Solsbury Labour Group

n/a

Feb-26

E-Therapy

Edustaff

n/a

Feb-26

ABPS Medstaff

Vernovis

n/a

Feb-26

IDR Healthcare

Care Career

n/a

Sources: PitchBook, SIA

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

Staffing + Recruiting H1 2026 Transactions (Cont’d) STAFFING + RECRUITING Deal Date

Company Name

Acquirer (Backer)

Deal Size EBITDA ($M) ($M)

EBITDA Multiple

Feb-26

Focus Staff

Elite365 Family of Brands

n/a

Feb-26

Next Level Technician

QPS Employment Group

n/a

Feb-26

Kelaca

Resource Group Holdings

n/a

Feb-26

SG Personnel

Start People

n/a

Jan-26

Vannin Chief of Staff

The Chief of Staff Association

n/a

Jan-26

TempMD

Optigy

n/a

Jan-26

Ridgeway Partners

Odgers

n/a

Jan-26

Advantis Medical

Adecco

n/a

Jan-26

AK Teaching

Zen Educate

n/a

Jan-26

Apple A Day Supply

Anzuk Education

n/a

Jan-26

Sert

Meraki Capital

n/a

Jan-26

Circle8 Group

Atlantic International

n/a

Jan-26

Forrest Solutions (Staffing Segment)

Ikon Search

n/a

Jan-26

Anlian HR

Youlife

n/a

Jan-26

Sizemore

Inspirit Equity

n/a

Jan-26

No Single Individual

Toptal

n/a

Jan-26

RGF International Recruitment

Fullcast Holdings

3.8

n/a

Jan-26

Labor Now

Empire Workforce Solutions

n/a

Jan-26

TempsNow

Source One Staffing

n/a

Jan-26

Goldbeck Recruiting

Talent Harbour Group

n/a

Jan-26

Breizh Intérim

Proman

n/a

Jan-26

Interim HealthCare (Franchisee)

Interim HealthCare

n/a

Jan-26

Kelly Services (Class B Shares)

Hunt Equity Opportunities

106.0

n/a

Jan-26

CareRev

IntelyCare

n/a

Jan-26

City Centre Recruitment

Meraki Capital

n/a

Jan-26

Inter-Connect

Innovative Staff Solutions

n/a

Jan-26

Asertempo

SGF Global

n/a

Jan-26

Polifuncionales

SGF Global

n/a

Jan-26

Er is Werk

MatchWorks

n/a

Jan-26

House of Flexwork

Synergie

n/a

Sources: PitchBook, SIA

Harbor View Advisors

Staffing + Recruiting H1 2026 Update

HVA Staffing + Recruiting Expertise

Executive Search

Light Industrial Staffing

IT / F&A Staffing

IT Staffing

Acquired by

Received an Investment From

Acquired by

Healthcare Staffing

Staffing Software

Frontline Employee Engagement Platform

Culture Measurement

Employee Engagement

Acquired by

Received an Investment From

Acquired by

Employee Engagement

Made Strategic Investment in

Non-Leader Pre-Hire Assessments

Video Interview Platform

Acquired by

Received an Investment From

Leadership Coaching

Talent Development Software

Connect with Our Staffing + Recruiting Team

Jonathan D. Hollis Director jhollis@hvadvisors.com

Katherine Carlo Senior Associate kcarlo@hvadvisors.com

Gabriel Lorin Associate glorin@hvadvisors.com 12

Sydney Jenkins Analyst sjenkins@hvadvisors.com

Harbor View Advisors 904.285.4278 Jacksonville, FL & New York, NY

harborviewadvisors.com Harbor View Advisors @hvadvisors

The material in this report is for information purposes only and is not intended to be relied upon as financial, accounting, tax, legal or other professional advice. This report does not constitute and should not be construed as soliciting or offering any investment or other transaction, identifying securities for you to purchase or offer to purchase, or recommending the acquisition or disposition of any investment. Harbor View Advisors does not guarantee the accuracy or reliability of any data provided from third party resources. Although we endeavor to provide accurate information from third party sources, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.