Relacje inwestorskie
> Home page > About us > News > Work Service Group sells IT Kontrakt in order to increase market presence in...

Work Service Group sells IT Kontrakt in order to increase market presence in temporary staffing while streamlining the organization

25.04.2017

On March 31, 2017, Work Service S.A. („WS Group”) signed a preliminary share purchase agreement related to the sale of its shares in IT Kontrakt sp. z o.o. („ITK”) to a private equity fund Oaktree Capital Management represented in Poland by Cornerstone Partners. The transaction proceeds of PLN 147m will be used to repay liabilities and finance expansion in WS Group’s core business i.e. temporary staffing. 

WS Group acquired a 75% stake in ITK in May 2012 for PLN 52m and increased its ownership to 95% in subsequent years.

As a result of our latest internal strategic business review, performed in 2016, WS Group decided to focus on expansion within its core operations. Therefore, we decided to sell ITK and use the proceeds to accelerate our growth in the temporary staffing segment. In that space, we have just received antitrust approval to acquire the remaining 25% shares in Prohuman, our fastest growing subsidiary which is a market leader in Hungary. As a result of these two transactions, WS Group’s structure and operations will become more transparent and concentrated on the highly attractive temporary staffing market – says Maciej Witucki, President of the Management Board of Work Service S.A.

We are currently the largest HR services provider in CEE and our strategy is to further strengthen our position on the fastest growing markets in the region. We are market leaders both in Poland and Hungary, with market shares of 26% and 22% respectively. Forecasts for the temporary staffing market in CEE are very promising and predict a market expansion by over 50% by 2019. We want to take advantage of these market dynamics to the fullest extent possible and therefore we decided to acquire the remaining stake in Prohuman and to divest of ITK. Additionally we intend to rebrand Prohuman to Work Service Hungary in H2 2017 in order to strengthen our core brand’s position in CEE and simplify group’s brand structure – summarizes Tomasz Misiak, President of the Supervisory Board of Work Service S.A.

Transaction is conditional upon antitrust clearance in Poland. Transaction closing date is planned for June 2017.

In this transaction, WS Group was advised by Azimutus (M&A and financial advisor) and CMS Cameron McKenna (legal counsel). Cornerstone Partners/Oaktree Capital Management were advised by: PwC (business due diligence), EY (financial and tax due diligence) and Weil (legal counsel).

***

Work Service capital group was established in 1999 and is the largest provider of HR services in CEE. It operates in Poland through network of local branches and abroad in 16 countries (Russia, Germany, Czechia, Turkey, Romania, Hungary, Slovakia, United Kingdom, Belgium, France, Switzerland, Slovenia, Croatia, Serbia, Bulgaria, China). It specializes in personal advisory services, HR restructuring, recruitment, temporary staffing and outsourcing. More than 3,000 companies have already chosen Work Service as their business partner. Each day 50,000 persons and 300,000 persons annually find employment with support of Work Service Group. Work Service is listed on Warsaw Stock Exchange and London Stock Exchange. More information on: www.workservice.pl

 

Press officer:

Andrzej Kubisiak
Analyses and Communication Team Director at Work Service S.A.
mobile: +48 512 176 030
e-mail: andrzej.kubisiak@workservice.pl

top
GPW


iso9001
We use cookies on our website. By continuing to browse the site, you agree to our use of cookies. Learn more. ×