Relacje inwestorskie
> Home page > Press Center > Press info > Pressroom > Work Service establishes a joint venture with a German company

Work Service establishes a joint venture with a German company

On 26 February 2014 the Board of the Work Service S.A. Capital Group signed an agreement for the formation of a joint venture company between Fiege Logistik Stiftung & Co. KG., contributing shares in Fiege uni/serv and Fiege worksess, and Work Service S.A., contributing shares of all German subsidiaries of Work Service S.A. As a result, Work Service holds 51% of shares in the combined entity, while Fiege Logistik Stiftung & Co. KG. controls the remaining 49%. The total value of the transaction was EUR 21.7 m. With revenues of the order of EUR 100 m in 2014, the resulting Capital Group will be one of the leading agencies for temporary employment and outsourcing on the German market. The acquisition is a further phase in the dynamic expansion of Work Service in the Berlin-Moscow-Istanbul triangle.

Fiege Group, owner of Fiege uni/serv and Fiege worksess, is a leading logistics operator on the German market and a precursor in integrated solutions for contract logistics. In a history stretching back more than 140 years the Group has built a network of 200 branches located in 17 countries in Europe and Asia. The companies comprising the Fiege Capital Group enjoy great confidence from employees, business partners and investors. In 2013 Fiege Group announced a concentration of its activities on the markets of Central and Eastern Europe, as well as China and India, and the joint venture with Work Service is a further step in this strategy. Uni/serv and worksess were established in 2002 as specialized companies offering temporary employment services for the Group and its clients, primarily in commercial activities and industry. The principal purpose of the work of both companies is provision of skilled personnel for logistics centres. At present uni/serv is one of the 25 largest German temporary employment agencies.

Both parties have established that the joint venture company formed will be a preferred supplier of services in temporary employment for Fiege Group. Uni/serv and worksess will continue to meet close to half of such orders. The experiences, competences and extended network of business relations within Germany will undoubtedly be great assets in the future development of a company offering comprehensive HR services on the German market. A strategic goal for the new joint venture is a place in the top ten largest German firms in the personnel services sector in Germany.

“We are entering a business partnership with a strong player on the German market,” said Tomasz Hanczarek, Chairman of the Management Board at Work Service S.A. “The collaboration will allow us access to the attractive German market. On the other hand, we will be providing employees for demanding German clients, not only recruiting in Germany, but also providing skilled personnel from Central Europe.”

“Today we offer a comprehensive package of HR services and we would like to make use of our know-how for joint development on the third largest European labour market,” adds Tomasz Misiak, President of the Supervisory Board at Work Service S.A. “A German market worth over EUR 20 bn is for us a key area of interest and business activity. An alliance with so experienced a partner enriches us with competences in temporary employment in Germany and will allow us access to the sales network of the entire Fiege Capital Group,” he continues.

“The joint venture is a great opportunity for both partners,” said Felix Fiege, Board Member of the Fiege Group. “We contribute our motivated and professional German team, a client base spanning Germany and our network of business relationships. Work Service brings along know-how and a portfolio of new services and market segments, such as finance, insurance and IT. This will enable us to broaden our market offer considerably. The partnership will strengthen our market position in Germany as a supplier of comprehensive HR services.”

The newly formed joint venture company is a yet another acquisition by Work Service S.A. undertaken as part of a strategy to assume the position of unquestioned leader in HR in the Berlin-Moscow-Istanbul triangle. Joining Work Service Capital Group most recently was the Hungarian temporary employment agency Prohuman, preceded by Antal International and Work Express. Chief financial investor in Work Service S.A. is the private equity fund PineBridge Investments. The function of investment consultant is performed by Dom Maklerski Trigon. Legal consultancy is provided by the office of CMS Cameron McKenna.

 

***

The Work Service Capital Group has operated since 1999 and is the largest provider of comprehensive HR services on the Polish market. Work Service operates around the entire country through its network of branch offices, as well as abroad in 7 Central and Eastern European countries (Russia, Germany, Czech Republic, Turkey, Romania, Hungary, Slovakia). The company specializes in personnel advisory, HR restructuring, recruitment and outsourcing of workforce. Over 3,000 companies have already selected Work Service as their partner in business, and the company assists 35,000 individuals each month in finding employment in Poland and abroad. Work Service is the first company in the personnel services sector to be listed on the Warsaw Stock Exchange.

 

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