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Work Service enters into agreement to sell shares in Exact Systems Group to Cornerstone Partners and Oaktree Capital Management

30 March 2018, Work Service signed the preliminary agreement relating to the sale of all its shares in Exact Systems companies.  The buyers will be funds managed by Cornerstone Partners and Oaktree Capital Management, L.P. (“Oaktree”). The companies' enterprise value is approx. PLN 300 million.

Exact Systems is a leading supplier of solutions in quality control for entities operating in automotive industry. The Group has been operating in 11 countries in Europe and China, and since 2007, it has been co-owned by Work Service Group.  At that time, Work Service acquired 68% of the shares for an amount of PLN 9.5m.

“In the last decade, Exact Systems made a significant leap in its development, also thanks to the scale of operations of our Group.  Today, however, is the day of a new beginning for both Exact Systems and Work Service.  At the end of 2017, we communicated our new strategy for the years 2018-2020 according to which Work Service will focus on its core business, i.e. reinforcing its position in HR services in the entire CEE region.  With this background, we focused on simplifying our structure and recapitalising our balance sheet.  Thanks to the sale of Exact Systems, we will reduce net debt significantly, and complete the transition to our new business model” says Maciej Witucki, the President of Management Board of Work Service.  “We would like to thank the Management of Exact Systems for their decade of commitment and outstanding performance which also helped raise the profile of Work Service Group over the past years.”

“Achieving the position of the number one player in the automotive quality control industry in CEE and building one of the largest companies of that sector in Europe was much easier with Work Service as our partner.  On behalf of the entire Management Board, I would like to thank Work Service for the trust and support in our business endeavours.  Now, however, we are facing our future challenges and goals.  We believe that together with Cornerstone Partners and Oaktree, we will be able to take full advantage of new market opportunities in the coming years and will develop dynamically.” – said Paweł Gos, the President of Management Board of Exact Systems.

The purchase price for the shares held by Work Service will amount to PLN 178.6 million, of which PLN 13.9 million relate to Exact Systems GmbH which is sold separately and the purchase price of which will be deferred by up to 9 months after the closing of the transaction which will take place pursuant to certain conditions precedent being met.  In addition, Work Service will be repaid intercompany loans pursuant to the closing of the transaction.

Blackwood Capital Group acted as lead advisor for Work Service, supported by Noerr as legal counsel and mBank as co-advisor.  Exact Systems was advised by Equity Advisors and Crido.


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:


Press officer:

Andrzej Kubisiak
Analyses and Communication Team Director at Work Service S.A.
mobile: +48 512 176 030      

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