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mPLN 105 to be invested in Work Service S.A. expansion in Poland and Europe

According to an agreement signed on 20 January 2013, PineBrigde Investments is to invest mPLN 105 in a Work Service share issue. Work Service intends to allocate the funds raised by the issue of the shares for the American investment fund to further consolidation, solidifying their leading position in the Polish HR services market and to acquisitions in Central and Eastern Europe.

The agreement determines that the American fund is to acquire a total of mPLN 105 of shares from the new issue, representing 20.02% of the Company's share capital; the equivalent percentage of votes in the General Meeting will also be obtained. The issued share price is to be set at PLN 8.75. The agreement is subject to the control of Office of Competition and Consumer Protection.

PineBridge Investments manages assets of U.S. $ 69 billion for both corporate and individual clients. The fund uses a variety of investment strategies including shares, fixed income securities, private equity funds and hedge funds. The Work Service investment is to be funded by PineBridge New Europe Partners II, LP, a private equity fund that manages a mEUR 522 portfolio of assets, invested in Central and Eastern Europe.

“Work Service has high aspirations. Today we have as many as six acquisition targets, three of which are abroad. Our strategy will lead to the solidification of our leading position in the Polish HR services market. It will also support our rapid expansion into Central European markets”, says Tomasz Hanczarek, President of the Management Board of Work Service. “The commencement of our cooperation with PineBridge Investments is a milestone that marks a new phase of intensive development of our online operations. We intend to significantly increase our web presence. We will implement new solutions for job placement provision; solutions modelled on those that have proven to be successful in other markets”, adds Hanczarek.

 Rossen Hadjiev, Managing Director of PineBridge Investments (Central Europe), who led the deal, added, “We are delighted to announce our investment in Work Service. We have been impressed with the company’s success to date. With their thorough understanding of the industry, combined with the support of PineBridge’s financial resources and focus on creating long-term value for our portfolio companies, we expect Work Service to continue its impressive growth and solidify its market-leading position.”

 Pierre Mellinger, CEO of PineBridge Investments (Central Europe), summarised by saying Work Service is a successful company operating in the dynamic market. We believe that the combination of an experienced management team and PineBridge’s 15 years of experience in the region will allow the Company to take advantage of the many opportunities for growth in Poland and across Central Europe”.

“The investment will be implemented during a 3-year programme. In 2013 we plan to invest mPLN 120 and between mPLN 130 and mPLN 180 in years 2014 and 2015”, added Tomasz Misiak, Vice-President of the Work Service Group Supervisory Board. He added, “Please note that our target significantly exceeds mPLN 105. This is a good sign for investors. Our long-term goal is for Work Service to be among the 100 largest Polish companies. We believe that it is only a matter of time.”

 PineBridge Investments was advised by Baker & McKenzie and Ernst & Young in this transaction; Work Service was advised by SPCG and Azimutus.

 

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Work Service Capital Group provides human resources management services. It specialises in finding and recruiting qualified staff, personnel counselling, full outsourcing of human management and other processes in enterprises and solutions based on temporary employment contracts. Work Service Group is the largest Polish HR services company. It operates through a network of branches and representative offices in Poland and seven other countries in Central and Eastern Europe. Work Service started 1999. The company has extensive knowledge of the labour market and understanding of comprehensive business management solutions thanks to long-term cooperation with the largest employers in the country and abroad. Over 2200 companies currently choose Work Service as their business partner, appreciating the company's experience, professionalism and personal touch. Nearly 150,000 people find employment every year thanks to Work Service. Work Service is the first company in the personnel services sector to be listed on the Warsaw Stock Exchange.

 

More information:

Krzysztof Inglot,

Head of Market Development Department, Work Service S.A.

phone: 00485 0804 0345,

krzysztof.inglot@workservice.pl

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